Park National Co. (NYSE:PRK) Announces $1.10 Quarterly Dividend

Key Points

• Park National declared a quarterly dividend of $1.10 per share, payable September 10 to shareholders of record on August 21. The dividend implies a 2.3% annualized yield and a $4.40 annual payout.
• The company has increased its dividend for eight consecutive years, with a 44.4% current payout ratio. Analysts expect earnings of $9.03 per share next year, supporting an estimated future payout ratio of 48.7%.
• Park National shares opened at $189.35, near their 12-month high of $192.77, while institutional investors collectively own 62.65% of the stock.

Park National Co. (NYSE:PRK - Get Free Report) declared a quarterly dividend on Monday, July 27th. Stockholders of record on Friday, August 21st will be given a dividend of 1.10 per share on Thursday, September 10th. This represents a c) dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, August 21st.

Park National has raised its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 8 consecutive years. Park National has a payout ratio of 44.4% meaning its dividend is sufficiently covered by earnings. 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 Stock Up 0.4%

Shares of NYSE:PRK opened at $189.35 on Tuesday. The business's 50 day moving average is $179.06 and its 200 day moving average is $170.89. Park National has a 12-month low of $149.06 and a 12-month high of $192.77. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 20.34 and a beta of 0.69. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15.

Institutional Investors Weigh In On Park National

Several large investors have recently made changes to their positions in PRK. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Park National by 253.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 152 shares of the company's stock worth $28,000 after buying an additional 109 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Park National by 629.2% during the second quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company's stock worth $29,000 after buying an additional 151 shares during the last quarter. Danske Bank A S raised its position in Park National by 100.0% in the fourth quarter. Danske Bank A S now owns 200 shares of the company's stock worth $30,000 after acquiring an additional 100 shares during the period. Quarry LP raised its position in Park National by 878.3% in the third quarter. Quarry LP now owns 225 shares of the company's stock worth $37,000 after acquiring an additional 202 shares during the period. Finally, Sarver Vrooman Wealth Advisors purchased a new position in Park National in the fourth quarter valued at about $46,000. 62.65% of the stock is owned by hedge funds and other institutional investors.

About Park National

Park National Corporation is a bank holding company whose primary subsidiary, The Park National Bank, provides a full suite of commercial and personal banking services. The company's main business activities include deposit-taking, commercial and industrial lending, mortgage originations and trust and wealth management services. Park National aims to serve the financial needs of businesses, professionals, families and nonprofit organizations across its regional footprint.

Through its subsidiary banks, Park National offers traditional deposit products such as checking and savings accounts, money market accounts and certificates of deposit, alongside loan products including commercial real estate loans, agricultural lending, equipment financing and consumer installment loans.

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