Declared Dividend • Jul 30
Second quarter dividend of US$1.10 announced Shareholders will receive a dividend of US$1.10. Ex-date: 21st August 2026 Payment date: 10th September 2026 Dividend yield will be 2.7%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 11% over the next year, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jul 29
Price target increased by 10% to US$203 Up from US$184, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$213. Stock is up 30% over the past year. The company is forecast to post earnings per share of US$11.71 for next year compared to US$11.18 last year. Reported Earnings • Jul 28
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: US$3.25 (up from US$2.98 in 2Q 2025). Revenue: US$173.8m (up 26% from 2Q 2025). Net income: US$58.8m (up 22% from 2Q 2025). Profit margin: 34% (in line with 2Q 2025). Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 23
Now 20% undervalued Over the last 90 days, the stock has risen 7.6% to US$185. The fair value is estimated to be US$231, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 19% in a year. Earnings are forecast to grow by 18% in the next year. Buy Or Sell Opportunity • Jul 06
Now 20% undervalued Over the last 90 days, the stock has risen 10% to US$185. The fair value is estimated to be US$232, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 18% in a year. Earnings are forecast to grow by 18% in the next year. Live-nieuws • May 19
Park National Tops Q4 Estimates With Dividend Hike and Special Payout Announced Park National Corporation reported Q4 earnings that came in above expectations.
The company announced a dividend increase alongside its Q4 results.
Management also declared a special dividend in addition to the regular payout for Q3 2025.
The combination of an earnings beat and both higher regular dividends and a special dividend reflects management’s current confidence in the company’s financial position and cash generation.
For income-focused investors, the updated dividend profile and the timing of the special dividend in Q3 2025 are important details to factor into return expectations and portfolio cash flow planning. Declared Dividend • Apr 29
First quarter dividend of US$1.10 announced Shareholders will receive a dividend of US$1.10. Ex-date: 15th May 2026 Payment date: 10th June 2026 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 1.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.9% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 26
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: US$2.40 (down from US$2.61 in 1Q 2025). Revenue: US$156.8m (up 21% from 1Q 2025). Net income: US$41.7m (down 1.1% from 1Q 2025). Profit margin: 27% (down from 33% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 8.1%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Mar 10
Park National Corporation, Annual General Meeting, Apr 27, 2026 Park National Corporation, Annual General Meeting, Apr 27, 2026. Reported Earnings • Feb 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$11.18 (up from US$9.38 in FY 2024). Revenue: US$545.7m (up 7.8% from FY 2024). Net income: US$180.1m (up 19% from FY 2024). Profit margin: 33% (up from 30% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.75% (up from 4.41% in FY 2024). Cost-to-income ratio: 57.0% (down from 61.6% in FY 2024). Non-performing loans: 0.86% (down from 0.89% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 11% per year. Upcoming Dividend • Feb 13
Upcoming dividend of US$1.10 per share Eligible shareholders must have bought the stock before 20 February 2026. Payment date: 10 March 2026. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.1%). In line with average of industry peers (2.3%). Major Estimate Revision • Feb 05
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$647.0m to US$668.6m. EPS estimate increased from US$9.42 to US$11.18 per share. Net income forecast to grow 11% next year vs 14% growth forecast for Banks industry in the US. Consensus price target broadly unchanged at US$182. Share price rose 7.0% to US$175 over the past week. Declared Dividend • Jan 29
Fourth quarter dividend of US$1.10 announced Shareholders will receive a dividend of US$1.10. Ex-date: 20th February 2026 Payment date: 10th March 2026 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (38% payout ratio) and is expected to be well covered in 3 years' time (37% forecast payout ratio). The dividend has increased by an average of 1.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 4.1% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Jan 28
Park National Corporation announces Quarterly dividend, payable on March 10, 2026 Park National Corporation announced Quarterly dividend of USD 1.1000 per share payable on March 10, 2026, ex-date on February 20, 2026 and record date on February 20, 2026. Reported Earnings • Jan 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$11.18 (up from US$9.38 in FY 2024). Revenue: US$545.7m (up 7.8% from FY 2024). Net income: US$180.1m (up 19% from FY 2024). Profit margin: 33% (up from 30% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Aankondiging • Jan 27
Park National Corporation Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2025 Park National Corporation reported net loan charge-offs for the fourth quarter ended December 31, 2025. For the quarter, the company reported net loan charge-offs of $2,634,000 against $3,206,000 a year ago. Aankondiging • Jan 06
C. Daniel Delawder Announces Not Stand for Re-Election to the Board of Park National Corporation and The Park National Bank On December 29, 2025, C. Daniel DeLawder, who currently serves in the class of directors of Park National Corporation (“PRK”) and Park National Bank (“PNB”), (collectively ”Park”) whose term will expire at the 2026 Annual Meeting of Shareholders of Park (the "2026 Annual Meeting"), notified Park that he has decided to retire and not stand for re-election to the Board of Directors. Mr. DeLawder’s term as a director will expire immediately prior to the 2026 Annual Meeting. In addition to stepping down from his role as director, Mr. DeLawder will conclude his service as Chair of the Executive Committee of both PRK and PNB as well as Chair of the PNB Wealth Management Committee. Mr. DeLawder has demonstrated tremendous commitment and service to PRK and PNB, having served in many roles over his 55-year career, including a 15-year term as Park’s CEO. Mr. DeLawder was an advocate for PRK and PNB throughout his time with the bank. Upcoming Dividend • Nov 14
Upcoming dividend of US$2.32 per share Eligible shareholders must have bought the stock before 21 November 2025. Payment date: 10 December 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.5%). In line with average of industry peers (2.5%). Declared Dividend • Oct 30
Third quarter dividend of US$2.32 announced Shareholders will receive a dividend of US$2.32. Ex-date: 21st November 2025 Payment date: 10th December 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (39% payout ratio) and is expected to be well covered in 3 years' time (38% forecast payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 2.6% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 28
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$2.93 (up from US$2.37 in 3Q 2024). Revenue: US$137.6m (up 4.0% from 3Q 2024). Net income: US$47.2m (up 23% from 3Q 2024). Profit margin: 34% (up from 29% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Aankondiging • Oct 28
Park National Corporation (NYSEAM:PRK) entered into an agreement to acquire First Citizens Bancshares, Inc. (OTCPK:FIZN). Park National Corporation (NYSEAM:PRK) entered into an agreement to acquire First Citizens Bancshares, Inc. (OTCPK:FIZN) for approximately $320 million on October 27, 2025. FIZN shareholders will have the right to receive 0.52 shares of Park common stock for each share of FIZN common stock owned. A termination fee of $12.5 million will be payable by First Citizens to Park following termination of the Merger Agreement under certain circumstances.
Transaction is subject to satisfaction of customary closing conditions, approval of boards of directors of Park and First Citizens, receipt of specified governmental consents and approvals that are necessary to consummate the transactions contemplated by the Merger Agreement, including from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, approval of First Citizens' shareholders, authorization for listing on the NYSE American stock exchange of the shares of Park Common Stock, effectiveness of the Registration Statement on Form S-4, termination or expiration of all applicable waiting periods in respect thereof, the accuracy of the representations and warranties of the other party, performance in all material respects by the other party of its obligations under the Merger Agreement, receipt by such party of an opinion from counsel to the effect that the Merger will qualify as a reorganization, delivery of a Foreign Investment and Real Property Tax Act, execution of certain employment agreements and voting agreements and appraisal demands not exceeding 7.5% of the outstanding shares of First Citizens common stock. The Merger Agreement has been unanimously approved by the boards of directors of Park and First Citizens and is expected to close in the first quarter of 2026.
Olsen Palmer LLC is serving as financial advisor and fairness opinion provider and Bruce E. Toppin, III of Husch Blackwell LLP served as legal advisor to First Citizens. Piper Sandler & Co. and Hovde Group, LLC are serving as financial advisors and James J. Barresi of Squire Patton Boggs (US) LLP served as legal advisor Park National. Declared Dividend • Jul 31
Second quarter dividend of US$1.07 announced Shareholders will receive a dividend of US$1.07. Ex-date: 15th August 2025 Payment date: 10th September 2025 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.9% over the next year. However, it would need to fall by 54% to increase the payout ratio to a potentially unsustainable range. Aankondiging • Jul 30
Park National Corporation Declares Quarterly Cash Dividend, Payable on September 10, 2025 Park National Corporation's board of directors declared a quarterly cash dividend of $1.07 per common share, payable on September 10, 2025, to common shareholders of record as of August 15, 2025. Reported Earnings • Jul 29
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$2.98 (up from US$2.44 in 2Q 2024). Revenue: US$138.3m (up 12% from 2Q 2024). Net income: US$48.1m (up 22% from 2Q 2024). Profit margin: 35% (up from 32% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Jul 29
Park National Corporation and The Park National Bank Announce CEO Changes, Effective January 1, 2026 At a meeting held on July 28, 2025, the Board of Directors of Park National Corporation (“Park”) unanimously elected Matthew R. Miller to succeed David L. Trautman as the Chief Executive Officer of each of Park and its wholly-owned subsidiary, The Park National Bank (“PNB”), effective January 1, 2026. At such time, Mr. Trautman, who is currently serving as Chairman of the Board of Directors and Chief Executive Officer of each of Park and PNB, will continue his service as Chair of both Boards of Directors. Mr. Miller, 47, has served as President and a director of each of Park and PNB since May 2019. As part of its succession planning, Park’s board of directors conducted a thorough evaluation before proposing Miller as the organization’s next CEO. The board voted to approve his appointment in its July 28 session. The transition reflects the board’s commitment to strong governance and leadership continuity. Miller has served as Park’s president since 2019. Trautman has served in various leadership roles at Park for 42 years, including President from 2005 through 2019, CEO since 2014 and Board Chair since 2019. Under their combined leadership, Park has grown to reach more customers and communities by empowering bankers to deliver on Park’s promise of providing exceptional service with empathy and integrity. A native of New Madison, Ohio, Miller joined Park in 2009 and has held several key leadership roles, including Chief Accounting Officer, Executive Vice President and currently President. Prior to joining Park, he worked at Deloitte LLP in the Cleveland and Columbus, Ohio offices. He is deeply committed to community service, having served on more than a dozen nonprofit and civic boards over the past decade, including the Ohio Bankers League, The Works, the Boys and Girls Club of Newark and the Buckeye Valley Family YMCA. Declared Dividend • May 01
First quarter dividend of US$1.07 announced Shareholders will receive a dividend of US$1.07. Ex-date: 16th May 2025 Payment date: 10th June 2025 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Apr 27
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$2.61 (up from US$2.18 in 1Q 2024). Revenue: US$129.4m (up 8.1% from 1Q 2024). Net income: US$42.2m (up 20% from 1Q 2024). Profit margin: 33% (up from 29% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Aankondiging • Apr 26
Park National Corporation Declares Quarterly Cash Dividend, Payable on June 10, 2025 Park National Corporation's board of directors declared a quarterly cash dividend of $1.07 per common share, payable on June 10, 2025, to common shareholders of record as of May 16, 2025. Aankondiging • Mar 10
Mark R. Ramser to Not Stand from Re-Election to the Board of Directors of Park National Corporation Park National Corporation announced on January 27, 2025, Mark R. Ramser, who currently serves in the class of Park directors whose terms are to expire at the 2025 Annual Meeting, notified Park that he has decided to retire as a Park director and, thus, will not stand for re-election to the Board of Directors at the Annual Meeting. Reported Earnings • Feb 26
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$9.38 (up from US$7.84 in FY 2023). Revenue: US$506.1m (up 9.3% from FY 2023). Net income: US$151.4m (up 20% from FY 2023). Profit margin: 30% (up from 27% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.41% (up from 4.11% in FY 2023). Cost-to-income ratio: 61.3% (down from 64.3% in FY 2023). Non-performing loans: 0.89% (up from 0.82% in FY 2023). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Aankondiging • Feb 24
Park National Corporation, Annual General Meeting, Apr 28, 2025 Park National Corporation, Annual General Meeting, Apr 28, 2025. Declared Dividend • Jan 30
Fourth quarter dividend of US$1.07 announced Shareholders will receive a dividend of US$1.07. Ex-date: 14th February 2025 Payment date: 10th March 2025 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (45% payout ratio) and is expected to be well covered in 3 years' time (48% forecast payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 4.3% over the next 2 years. However, it would need to fall by 50% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jan 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$9.38 (up from US$7.84 in FY 2023). Revenue: US$506.1m (up 9.3% from FY 2023). Net income: US$151.4m (up 20% from FY 2023). Profit margin: 30% (up from 27% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.41% (up from 4.11% in FY 2023). Cost-to-income ratio: 61.3% (down from 64.3% in FY 2023). Non-performing loans: 0.89% (up from 0.82% in FY 2023). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Price Target Changed • Dec 04
Price target increased by 12% to US$181 Up from US$162, the current price target is an average from 2 analysts. New target price is 5.8% below last closing price of US$192. Stock is up 61% over the past year. The company is forecast to post earnings per share of US$9.19 for next year compared to US$7.84 last year. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$198, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 13x in the Banks industry in the US. Total returns to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$265 per share. Declared Dividend • Nov 01
Third quarter dividend of US$1.56 announced Shareholders will receive a dividend of US$1.56. Ex-date: 15th November 2024 Payment date: 10th December 2024 Dividend yield will be 2.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (50% payout ratio) and is expected to be well covered in 3 years' time (49% forecast payout ratio). The dividend has increased by an average of 1.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 1.4% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Oct 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 29
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$2.37 (up from US$2.29 in 3Q 2023). Revenue: US$132.3m (up 7.1% from 3Q 2023). Net income: US$38.2m (up 3.5% from 3Q 2023). Profit margin: 29% (down from 30% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) also surpassed analyst estimates by 2.6%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 09
Upcoming dividend of US$1.06 per share Eligible shareholders must have bought the stock before 16 August 2024. Payment date: 10 September 2024. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.5%). In line with average of industry peers (3.0%). Recent Insider Transactions • Aug 02
Independent Director recently sold US$2.2m worth of stock On the 29th of July, Mark Ramser sold around 12k shares on-market at roughly US$180 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.3m more than they bought in the last 12 months. Major Estimate Revision • Jul 29
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$485.3m to US$504.0m. EPS estimate increased from US$8.18 to US$9.08 per share. Net income forecast to grow 2.4% next year vs 6.8% growth forecast for Banks industry in the US. Consensus price target up from US$132 to US$163. Share price rose 9.1% to US$186 over the past week. Buy Or Sell Opportunity • Jul 26
Now 21% undervalued Over the last 90 days, the stock has risen 38% to US$186. The fair value is estimated to be US$235, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.8%. Revenue is forecast to grow by 6.7% in a year. Earnings are forecast to grow by 2.4% in the next year. Declared Dividend • Jul 25
Second quarter dividend of US$1.06 announced Shareholders will receive a dividend of US$1.06. Ex-date: 16th August 2024 Payment date: 10th September 2024 Dividend yield will be 2.2%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 3.9% over the next year. However, it would need to fall by 44% to increase the payout ratio to a potentially unsustainable range. Price Target Changed • Jul 23
Price target increased by 16% to US$153 Up from US$132, the current price target is an average from 2 analysts. New target price is 17% below last closing price of US$184. Stock is up 72% over the past year. The company is forecast to post earnings per share of US$8.24 for next year compared to US$7.84 last year. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$168, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$240 per share. Aankondiging • May 24
Park National Corporation Announces Board of Directors Appointments, Effective July 1, 2024 Park National Corporation announced board of directors elected Karen Morrison and Kelly Gratz to serve as directors effective July 1, 2024. Both will also join the board of directors of The Park National Bank, Park’s banking subsidiary, effective on the same date. These elections expand Park’s board to 16 directors, including one director emeritus. Gratz has been a member of the Healthcare Women’s Business Association’s (HBA) advisory board (Ohio chapter), and the vice chair on Marburn Academy’s board of trustees. She was named Rising Star by the HBA in 2008 and recognized in PharmaVoice Top 100 in 2012. Gratz earned a bachelor’s degree from the University of Dayton . Karen Morrison serves as president of the OhioHealth Foundation and senior vice president of OhioHealth Corporation. She has been with OhioHealth for over 30 years and currently leads the enterprise strategy for external affairs including community relations, corporate reinvestment, health equity and government affairs. In her role as foundation president Morrison oversees philanthropy for the enterprise. Morrison serves on the board of Greif Inc. (NYSE: GEF), and has extensive nonprofit board service. She is a member of the National Association of Corporate Directors, Women Corporate Directors, the Executive Leadership Council and The Links Inc. Morrison was honored in the inaugural class of Columbus Business First’s “Women of Influence” and received its first “Businesswoman of the Year” award. She was also named to the 2023 list of “Directors to Watch” by Directors & Boards Magazine. She earned a bachelor’s degree from Vanderbilt University, a graduate degree in preventive medicine from The Ohio State University College of Medicine and Public Health and juris doctor from Capital University. Morrison will serve in the class of directors whose terms expire on the date of Park’s annual meeting of shareholders in 2026. Gratz’s term will expire on the date of Park’s annual meeting of shareholders in 2027. They will both serve as members of the board’s Risk Committee. Declared Dividend • Apr 24
First quarter dividend of US$1.06 announced Shareholders will receive a dividend of US$1.06. Ex-date: 16th May 2024 Payment date: 10th June 2024 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 1.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.3% over the next year. However, it would need to fall by 41% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Apr 22
First quarter 2024 earnings released: EPS: US$2.18 (vs US$2.08 in 1Q 2023) First quarter 2024 results: EPS: US$2.18 (up from US$2.08 in 1Q 2023). Revenue: US$119.6m (up 2.8% from 1Q 2023). Net income: US$35.2m (up 4.4% from 1Q 2023). Profit margin: 29% (in line with 1Q 2023). Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Aankondiging • Mar 05
Park National Corporation, Annual General Meeting, Apr 22, 2024 Park National Corporation, Annual General Meeting, Apr 22, 2024, at 14:00 Eastern Daylight. Agenda: To elect four directors, each to serve for a term of three years to expire at the Annual Meeting of Shareholders to be held in 2027, and until such individual’s successor is duly elected and qualified, or until such individual’s earlier resignation, removal from office or death; To conduct an advisory vote on the frequency of future advisory votes on the compensation of Park’s named executive officers; To consider and vote upon a non-binding advisory resolution to approve the compensation of Park’s named executive officers as disclosed in the accompanying proxy statement for the Annual Meeting; To consider and vote upon a proposal to ratify the appointment of Crowe LLP as the independent registered public accounting firm of Park for the fiscal year ending December 31, 2024; and to discuss other matters. Reported Earnings • Feb 26
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$7.84 (down from US$9.13 in FY 2022). Revenue: US$462.8m (down 3.3% from FY 2022). Net income: US$126.7m (down 15% from FY 2022). Profit margin: 27% (down from 31% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 2.6%. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Price Target Changed • Feb 25
Price target increased by 7.2% to US$129 Up from US$120, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$128. Stock is up 0.8% over the past year. The company is forecast to post earnings per share of US$7.60 for next year compared to US$7.84 last year. Upcoming Dividend • Feb 08
Upcoming dividend of US$1.06 per share at 3.3% yield Eligible shareholders must have bought the stock before 15 February 2024. Payment date: 08 March 2024. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (3.3%). Price Target Changed • Feb 07
Price target increased by 7.6% to US$128 Up from US$119, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$128. Stock is down 0.4% over the past year. The company is forecast to post earnings per share of US$7.64 for next year compared to US$7.84 last year. Declared Dividend • Jan 25
Fourth quarter dividend of US$1.06 announced Shareholders will receive a dividend of US$1.06. Ex-date: 15th February 2024 Payment date: 8th March 2024 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (54% payout ratio) and is expected to be covered in 3 years' time (56% forecast payout ratio). The dividend has increased by an average of 1.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 3.7% over the next 2 years. However, it would need to fall by 40% to increase the payout ratio to a potentially unsustainable range. Price Target Changed • Jan 24
Price target increased by 7.6% to US$120 Up from US$112, the current price target is an average from 2 analysts. New target price is 8.6% below last closing price of US$131. Stock is up 9.0% over the past year. The company is forecast to post earnings per share of US$7.55 for next year compared to US$7.84 last year. Reported Earnings • Jan 23
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$7.84 (down from US$9.13 in FY 2022). Revenue: US$462.8m (down 3.3% from FY 2022). Net income: US$126.7m (down 15% from FY 2022). Profit margin: 27% (down from 31% in FY 2022). The decrease in margin was primarily driven by lower revenue. Net interest margin (NIM): 4.11% (up from 3.80% in FY 2022). Cost-to-income ratio: 64.3% (up from 62.8% in FY 2022). Non-performing loans: 0.82% (down from 1.42% in FY 2022). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 2.6%. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Price Target Changed • Jan 10
Price target increased by 8.2% to US$119 Up from US$110, the current price target is an average from 2 analysts. New target price is 7.3% below last closing price of US$128. Stock is down 9.1% over the past year. The company is forecast to post earnings per share of US$8.01 for next year compared to US$9.13 last year. Upcoming Dividend • Nov 09
Upcoming dividend of US$1.05 per share at 4.0% yield Eligible shareholders must have bought the stock before 16 November 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of American dividend payers (5.1%). In line with average of industry peers (3.8%). Reported Earnings • Oct 24
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$2.29 (down from US$2.59 in 3Q 2022). Revenue: US$123.6m (down 8.0% from 3Q 2022). Net income: US$36.9m (down 12% from 3Q 2022). Profit margin: 30% (down from 31% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Aug 10
Upcoming dividend of US$1.05 per share at 3.8% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.4%). Reported Earnings • Jul 25
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: US$1.95 (down from US$2.11 in 2Q 2022). Revenue: US$114.1m (up 1.7% from 2Q 2022). Net income: US$31.6m (down 8.0% from 2Q 2022). Profit margin: 28% (down from 31% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 1.0%. Revenue is forecast to stay flat during the next 2 years compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jun 04
Price target decreased by 12% to US$109 Down from US$124, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$108. Stock is down 11% over the past year. The company is forecast to post earnings per share of US$8.04 for next year compared to US$9.13 last year. Recent Insider Transactions • May 17
Director recently bought US$63k worth of stock On the 8th of May, Charles DeLawder bought around 600 shares on-market at roughly US$105 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Upcoming Dividend • May 11
Upcoming dividend of US$1.05 per share at 4.1% yield Eligible shareholders must have bought the stock before 18 May 2023. Payment date: 09 June 2023. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of American dividend payers (5.2%). In line with average of industry peers (3.8%). Recent Insider Transactions Derivative • May 06
CEO & Chairman of the Board exercised options and sold US$123k worth of stock On the 28th of April, David Trautman exercised options to acquire 2k shares at no cost and sold these for an average price of US$55.45 per share. This trade did not impact their existing holding. For the year to December 2016, David's total compensation was 34% salary and 66% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2022, David's direct individual holding has increased from 71.07k shares to 73.48k. Company insiders have collectively sold US$350k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • May 03
First quarter 2023 earnings: EPS in line with expectations, revenues disappoint First quarter 2023 results: EPS: US$2.08 (down from US$2.40 in 1Q 2022). Revenue: US$116.4m (up 2.2% from 1Q 2022). Net income: US$33.7m (down 13% from 1Q 2022). Profit margin: 29% (down from 34% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 1.1% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. Recent Insider Transactions Derivative • Apr 06
CEO & Chairman of the Board exercised options and sold US$123k worth of stock On the 31st of March, David Trautman exercised options to acquire 1k shares at no cost and sold these for an average price of US$119 per share. This trade did not impact their existing holding. For the year to December 2016, David's total compensation was 34% salary and 66% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2022, David's direct individual holding has increased from 70.59k shares to 71.07k. Company insiders have collectively sold US$579k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Mar 07
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: US$9.13 (down from US$9.45 in FY 2021). Revenue: US$478.4m (up 1.4% from FY 2021). Net income: US$148.4m (down 3.6% from FY 2021). Profit margin: 31% (down from 33% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • Feb 09
Upcoming dividend of US$1.05 per share at 3.3% yield Eligible shareholders must have bought the stock before 16 February 2023. Payment date: 10 March 2023. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (4.2%). Higher than average of industry peers (2.9%). Reported Earnings • Jan 25
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: US$9.13 (down from US$9.45 in FY 2021). Revenue: US$478.4m (up 1.4% from FY 2021). Net income: US$148.4m (down 3.6% from FY 2021). Profit margin: 31% (down from 33% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 3.0% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 03
Now 20% undervalued Over the last 90 days, the stock is up 7.5%. The fair value is estimated to be US$174, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 4.7% in 2 years. Earnings is forecast to decline by 6.3% in the next 2 years. Buying Opportunity • Dec 02
Now 20% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be US$186, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 4.6% in 2 years. Earnings is forecast to decline by 6.6% in the next 2 years. Upcoming Dividend • Nov 10
Upcoming dividend of US$1.54 per share Eligible shareholders must have bought the stock before 17 November 2022. Payment date: 09 December 2022. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (3.0%). Reported Earnings • Oct 26
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$2.59 (up from US$2.18 in 3Q 2021). Revenue: US$134.3m (up 20% from 3Q 2021). Net income: US$42.1m (up 19% from 3Q 2021). Profit margin: 31% (in line with 3Q 2021). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 7.5%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 11% per year. Buying Opportunity • Sep 13
Now 22% undervalued Over the last 90 days, the stock is up 8.0%. The fair value is estimated to be US$166, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 2.5% in a year. Earnings is forecast to grow by 1.4% in the next year.