Park National Co. (NYSE:PRK – Get Free Report) announced a quarterly dividend on Monday, October 26th. Stockholders 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 dividend on an annualized basis and a dividend 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 increased its dividend by an average of 0.1% annually over the last three years and has raised its dividend annually for the last 8 consecutive years. Park National has a dividend payout ratio of 44.4% 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 $4.40 annual dividend with an expected future payout ratio of 48.7%.
Park National Price Performance
PRK stock opened at $183.32 on Tuesday. The firm has a 50 day moving average of $187.16 and a 200-day moving average of $177.17. Park National has a 12-month low of $149.06 and a 12-month high of $215.00. 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 cap of $3.31 billion, a price-to-earnings ratio of 19.69 and a beta of 0.72.
Institutional Trading of Park National
Several institutional investors and hedge funds have recently modified their holdings of PRK. BlackRock Inc. acquired a new position in shares of Park National during the 2nd quarter worth approximately $473,814,000. Bank of New York Mellon Corp purchased a new position in Park National during the second quarter worth $23,652,000. Bank of America Corp DE purchased a new position in Park National during the second quarter worth $9,918,000. Legal & General Group Plc purchased a new position in Park National during the second quarter worth $6,887,000. Finally, Corient Private Wealth LP acquired a new position in shares of Park National in the second quarter worth $3,398,000. Hedge funds and other institutional investors own 62.65% of the company’s stock.
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.
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