Park National Co. (PRK) to Issue Quarterly Dividend of $1.07 on March 10th

Park National Co. (NYSE:PRK) announced a quarterly dividend on Monday, January 27th,Wall Street Journal reports. Investors of record on Friday, February 14th will be paid a dividend of 1.07 per share on Monday, March 10th. This represents a $4.28 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, February 14th. This is an increase from Park National’s previous quarterly dividend of $1.06.

Park National has increased its dividend payment by an average of 1.0% annually over the last three years. Park National has a dividend payout ratio of 47.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Park National to earn $9.03 per share next year, which means the company should continue to be able to cover its $4.28 annual dividend with an expected future payout ratio of 47.4%.

Park National Price Performance

PRK stock opened at $174.01 on Wednesday. The company has a fifty day simple moving average of $174.89 and a two-hundred day simple moving average of $174.40. Park National has a 52 week low of $123.08 and a 52 week high of $207.99. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $2.81 billion, a P/E ratio of 18.92 and a beta of 0.73.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $178.00 price target (down previously from $187.00) on shares of Park National in a research report on Wednesday, January 29th.

Park National Company Profile

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.