Park National Co. (NYSE:PRK) Declares Dividend Increase - $1.30 Per Share

Key Points

• Park National increased its quarterly dividend 18.2% to $1.30 per share, payable December 10 to shareholders of record November 20. The dividend equates to $5.20 annually and a 2.8% yield.
• The company has raised its dividend for eight consecutive years, with an existing payout ratio of 44.4%. Analysts expect earnings to cover the projected $4.40 annual dividend, implying a future payout ratio of 48.7%.
• Park National shares opened at $183.32, giving the company a market capitalization of about $3.31 billion and a price-to-earnings ratio of 19.69.

Park National Co. (NYSE:PRK - Get Free Report) announced a quarterly dividend on Monday, October 26th. Investors of record on Friday, November 20th will be given a dividend of $1.30 per share on Thursday, December 10th. This represents a $5.20 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, November 20th. This is a 18.2% increase from Park National's previous quarterly dividend of $1.10.

Park National has raised its dividend by an average of 0.1% annually over the last three years and has raised its dividend every year for the last 8 years. Park National has a dividend payout ratio of 44.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Park National to earn $9.03 per share next year, which means the company should continue to be able to cover its $4.40 annual dividend with an expected future payout ratio of 48.7%.

Park National Price Performance

Shares of PRK stock opened at $183.32 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95. The firm's 50-day moving average is $187.16 and its two-hundred day moving average is $177.17. Park National has a 12 month low of $149.06 and a 12 month high of $215.00. The company has a market capitalization of $3.31 billion, a PE ratio of 19.69 and a beta of 0.72.

About Park National

Park National Corporation is a bank holding company headquartered in Newark, Ohio. Its principal subsidiary, The Park National Bank, provides banking and financial services to individuals, families, businesses and nonprofit organizations.

The bank offers deposit accounts, residential and commercial lending, mortgage services, treasury management, online and mobile banking, and other personal and business financial solutions. Through its wealth management and trust operations, it also provides investment management, fiduciary, retirement and estate-planning services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.