Park National Co. (NYSE:PRK) Plans $1.07 Quarterly Dividend

Key Points

• Park National Co. has declared a quarterly dividend of $1.07 per share, scheduled for September 10th, with a yield of 2.60% based on an annualized payout of $4.28.
• The company's dividend payout ratio stands at 43.2%, suggesting that it is well-covered by earnings, with expectations of future earnings allowing for a projected payout ratio of 47.4%.
• Park National's stock price decreased by 0.2% to $164.84, with significant trading volume and an overall market capitalization of $2.67 billion.

Park National Co. (NYSE:PRK - Get Free Report) declared a quarterly dividend on Tuesday, July 29th, Wall Street Journal reports. Shareholders of record on Friday, August 15th will be given a dividend of 1.07 per share on Wednesday, September 10th. This represents a $4.28 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend is Friday, August 15th.

Park National has a dividend payout ratio of 43.2% indicating that 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 $4.28 annual dividend with an expected future payout ratio of 47.4%.

Park National Stock Down 0.2%

PRK traded down $0.38 during trading on Tuesday, reaching $164.84. The stock had a trading volume of 62,780 shares, compared to its average volume of 60,266. The stock's 50 day moving average is $166.63 and its two-hundred day moving average is $161.81. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 17.71 and a beta of 0.82. Park National has a one year low of $137.97 and a one year high of $207.99.

Institutional Investors Weigh In On Park National

A number of institutional investors have recently modified their holdings of PRK. Jane Street Group LLC boosted its position in shares of Park National by 3,571.9% during the first quarter. Jane Street Group LLC now owns 50,342 shares of the company's stock valued at $7,622,000 after buying an additional 48,971 shares during the last quarter. Intech Investment Management LLC boosted its position in shares of Park National by 47.6% during the first quarter. Intech Investment Management LLC now owns 8,707 shares of the company's stock valued at $1,318,000 after buying an additional 2,809 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Park National by 4.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 31,122 shares of the company's stock valued at $4,712,000 after buying an additional 1,293 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Park National by 59.2% during the first quarter. Royal Bank of Canada now owns 3,085 shares of the company's stock valued at $467,000 after buying an additional 1,147 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in Park National by 27.6% in the first quarter. AQR Capital Management LLC now owns 4,087 shares of the company's stock worth $619,000 after purchasing an additional 884 shares during the last quarter. 62.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on PRK. Wall Street Zen downgraded Park National from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Raymond James Financial began coverage on Park National in a report on Monday, July 21st. They issued a "market perform" rating for the company. Finally, Keefe, Bruyette & Woods increased their price objective on Park National from $167.00 to $170.00 and gave the stock a "market perform" rating in a report on Wednesday, April 30th.

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.

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