Park National Co. (NYSE:PRK) Plans Quarterly Dividend of $1.06

Park National Co. (NYSE:PRK) declared a quarterly dividend on Tuesday, July 23rd, Wall Street Journal reports. Shareholders of record on Friday, August 16th will be given a dividend of 1.06 per share on Tuesday, September 10th. This represents a $4.24 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Friday, August 16th.

Park National has increased its dividend by an average of 1.0% per year over the last three years. Park National has a payout ratio of 53.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Park National to earn $7.90 per share next year, which means the company should continue to be able to cover its $4.24 annual dividend with an expected future payout ratio of 53.7%.

Park National Stock Up 8.1 %

Shares of Park National stock traded up $13.71 on Tuesday, reaching $183.87. 151,341 shares of the company were exchanged, compared to its average volume of 49,355. Park National has a one year low of $90.28 and a one year high of $186.95. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 22.80 and a beta of 0.71. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average of $142.31 and a 200 day moving average of $134.85.

Park National (NYSE:PRK) last announced its quarterly earnings data on Friday, April 19th. The company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.30. Park National had a return on equity of 12.13% and a net margin of 22.03%. The company had revenue of $121.82 million for the quarter, compared to analysts’ expectations of $118.29 million. On average, equities research analysts forecast that Park National will post 8.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. StockNews.com cut Park National from a “hold” rating to a “sell” rating in a research note on Wednesday, June 12th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $130.00 price target (up previously from $125.00) on shares of Park National in a research note on Wednesday, April 24th.

About Park National

Park National Corporation operates as the bank holding company for Park National Bank that provides commercial banking and trust services in small and medium population areas. The company offers deposits for demand, savings, and time accounts; trust and wealth management services; cash management services; safe deposit operations; electronic funds transfers; Internet and mobile banking solutions with bill pay service; credit cards; and various additional banking-related services.