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Park National

AMEX:PRK
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PRK
AMEX
$2B
Market Cap
  1. Home
  2. US
  3. Banks
Company description

Park National Corporation operates as the bank holding company for Park National Bank that provides commercial banking and trust services in Ohio and Northern Kentucky. The last earnings update was 48 days ago. More info.


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PRK Share Price and Events
7 Day Returns
-0.4%
AMEX:PRK
0.1%
US Banks
1.2%
US Market
1 Year Returns
-16.1%
AMEX:PRK
-7.6%
US Banks
2.3%
US Market
PRK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Park National (PRK) -0.4% 0.5% 5.2% -16.1% 9.6% 26%
US Banks 0.1% 0.5% 0.7% -7.6% 45.6% 41.7%
US Market 1.2% 2% 2% 2.3% 37.9% 39.8%
1 Year Return vs Industry and Market
  • PRK underperformed the Banks industry which returned -7.6% over the past year.
  • PRK underperformed the Market in United States of America which returned 2.3% over the past year.
Price Volatility
PRK
Industry
5yr Volatility vs Market

PRK Value

 Is Park National undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Park National to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Park National.

AMEX:PRK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $60.24 * 11.6%
$6.96
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $60.24
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for AMEX:PRK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.594 (1 + (1- 21%) (37.37%))
0.846
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.846 * 5.96%)
7.77%

Discounted Cash Flow Calculation for AMEX:PRK using Excess Returns Model Model

The calculations below outline how an intrinsic value for Park National is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

AMEX:PRK Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11.6% – 7.77%) * $60.24)
$2.28
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $2.28 / (7.77% - 2.73%)
$45.28
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $60.24 + $45.28
$105.51
AMEX:PRK Discount to Share Price
Calculation Result
Value per share (USD) From above. $105.51
Current discount Discount to share price of $98.73
= -1 x ($98.73 - $105.51) / $105.51
6.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Park National is available for.
Intrinsic value
6%
Share price is $98.73 vs Future cash flow value of $105.51
Current Discount Checks
For Park National to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Park National's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Park National's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Park National's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Park National's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AMEX:PRK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $6.72
AMEX:PRK Share Price ** AMEX (2019-06-19) in USD $98.73
United States of America Banks Industry PE Ratio Median Figure of 600 Publicly-Listed Banks Companies 12.75x
United States of America Market PE Ratio Median Figure of 3,092 Publicly-Listed Companies 17.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Park National.

AMEX:PRK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AMEX:PRK Share Price ÷ EPS (both in USD)

= 98.73 ÷ 6.72

14.69x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Park National is overvalued based on earnings compared to the US Banks industry average.
  • Park National is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Park National's expected growth come at a high price?
Raw Data
AMEX:PRK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.69x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
12%per year
United States of America Banks Industry PEG Ratio Median Figure of 272 Publicly-Listed Banks Companies 1.37x
United States of America Market PEG Ratio Median Figure of 2,128 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

AMEX:PRK PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.69x ÷ 12%

1.23x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Park National is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Park National's assets?
Raw Data
AMEX:PRK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $54.06
AMEX:PRK Share Price * AMEX (2019-06-19) in USD $98.73
United States of America Banks Industry PB Ratio Median Figure of 603 Publicly-Listed Banks Companies 1.2x
United States of America Market PB Ratio Median Figure of 5,246 Publicly-Listed Companies 1.8x
AMEX:PRK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AMEX:PRK Share Price ÷ Book Value per Share (both in USD)

= 98.73 ÷ 54.06

1.83x

* Primary Listing of Park National.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Park National is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess Park National's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Park National has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PRK Future Performance

 How is Park National expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Park National expected to grow at an attractive rate?
  • Park National's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Park National's earnings growth is positive but not above the United States of America market average.
  • Park National's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
AMEX:PRK Future Growth Rates Data Sources
Data Point Source Value (per year)
AMEX:PRK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 12%
AMEX:PRK Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 8.8%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 3.9%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
AMEX:PRK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
AMEX:PRK Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 417 130 2
2019-12-31 395 116 2
AMEX:PRK Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 350 136 105
2018-12-31 354 133 110
2018-09-30 352 120 107
2018-06-30 346 109 104
2018-03-31 336 87 95
2017-12-31 321 88 84
2017-09-30 320 97 81
2017-06-30 325 91 87
2017-03-31 323 98 88
2016-12-31 327 88 86
2016-09-30 314 93 87
2016-06-30 303 92 80

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Park National's earnings are expected to grow by 12% yearly, however this is not considered high growth (20% yearly).
  • Park National's revenue is expected to grow by 8.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
AMEX:PRK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Park National Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:PRK Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 7.78 7.94 7.56 4.00
2019-12-31 7.06 7.36 6.70 4.00
AMEX:PRK Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 6.72
2018-12-31 7.13
2018-09-30 6.95
2018-06-30 6.82
2018-03-31 6.22
2017-12-31 5.51
2017-09-30 5.32
2017-06-30 5.66
2017-03-31 5.72
2016-12-31 5.62
2016-09-30 5.67
2016-06-30 5.19

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Park National will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Park National's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Park National has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PRK Past Performance

  How has Park National performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Park National's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Park National's year on year earnings growth rate has been positive over the past 5 years.
  • Park National's 1-year earnings growth exceeds its 5-year average (10.1% vs 6.3%)
  • Park National's earnings growth has not exceeded the US Banks industry average in the past year (10.1% vs 40.4%).
Earnings and Revenue History
Park National's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Park National Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:PRK Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 349.95 104.72 206.36
2018-12-31 354.14 110.39 203.03
2018-09-30 352.29 106.96 200.39
2018-06-30 346.32 104.31 191.44
2018-03-31 335.62 95.10 188.07
2017-12-31 321.15 84.24 183.92
2017-09-30 319.82 81.41 181.43
2017-06-30 324.92 86.75 178.63
2017-03-31 322.82 87.72 174.69
2016-12-31 327.19 86.14 177.51
2016-09-30 314.14 87.02 170.31
2016-06-30 302.70 79.61 170.22
2016-03-31 303.00 80.65 168.70
2015-12-31 298.89 81.01 166.58
2015-09-30 306.54 84.42 164.83
2015-06-30 302.78 82.65 163.85
2015-03-31 306.18 83.42 167.14
2014-12-31 307.54 83.96 167.48
2014-09-30 295.84 77.11 170.74
2014-06-30 294.45 77.87 168.31
2014-03-31 290.29 76.09 163.27
2013-12-31 290.87 76.87 162.97
2013-09-30 285.95 76.06 153.25
2013-06-30 275.55 69.01 153.58
2013-03-31 273.16 65.92 155.02
2012-12-31 270.13 75.21 153.85
2012-09-30 268.55 68.06 159.99
2012-06-30 281.78 75.00 159.60

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Park National has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Park National used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Park National improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Park National's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Park National has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PRK Health

 How is Park National's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Park National's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Park National Company Filings, last reported 2 months ago.

AMEX:PRK Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 845.04 614.23 187.48
2018-12-31 832.51 636.97 93.31
2018-09-30 809.09 594.82 144.60
2018-06-30 755.09 631.14 146.16
2018-03-31 752.77 624.09 276.58
2017-12-31 756.10 906.29 104.31
2017-09-30 759.37 1,056.89 450.35
2017-06-30 752.25 1,046.18 411.08
2017-03-31 744.12 1,010.70 391.77
2016-12-31 742.24 1,134.08 94.85
2016-09-30 751.06 1,005.94 240.00
2016-06-30 739.89 996.91 315.89
2016-03-31 729.70 1,004.28 317.90
2015-12-31 713.36 1,177.35 105.26
2015-09-30 715.80 1,059.90 382.26
2015-06-30 705.96 1,018.91 404.29
2015-03-31 707.43 1,018.74 580.49
2014-12-31 696.54 1,108.58 197.40
2014-09-30 688.02 1,137.88 303.29
2014-06-30 686.97 1,118.54 196.97
2014-03-31 666.44 1,119.03 328.74
2013-12-31 651.75 1,132.82 99.03
2013-09-30 632.75 1,162.23 314.87
2013-06-30 639.22 1,087.01 353.93
2013-03-31 654.21 1,107.23 520.51
2012-12-31 650.37 1,206.08 160.31
2012-09-30 659.13 1,187.66 281.30
2012-06-30 660.62 1,152.59 208.06
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Park National has an acceptable proportion of non-loan assets held.
  • Park National's liabilities are made up of primarily low risk sources of funding.
  • Loans at Park National are broadly funded by customer deposits.
  • Park National's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Park National has a low allowance for bad loans.
  • Park National has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Park National's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Park National has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PRK Dividends

 What is Park National's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.09%
Current annual income from Park National dividends. Estimated to be 4.43% next year.
If you bought $2,000 of Park National shares you are expected to receive $82 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Park National's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Park National's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
AMEX:PRK Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 478 Stocks 2.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

AMEX:PRK Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 4.31 3.00
2019-12-31 4.44 3.00
AMEX:PRK Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-29 4.040 4.120
2019-04-22 4.040 4.205
2019-02-26 4.040 4.195
2019-01-28 4.040 4.127
2018-11-02 3.840 4.274
2018-10-22 3.840 4.198
2018-07-27 3.840 3.585
2018-07-23 3.840 3.448
2018-05-02 3.840 3.373
2018-04-20 3.840 3.516
2018-02-27 3.760 3.588
2018-01-22 3.760 3.630
2017-10-31 3.760 3.510
2017-10-23 3.760 3.402
2017-07-27 3.760 3.710
2017-07-24 3.760 3.766
2017-04-27 3.760 3.597
2017-04-21 3.760 3.486
2017-02-21 3.760 3.566
2017-01-23 3.760 3.460
2016-07-25 3.760 3.704
2016-04-27 3.760 4.103
2016-04-22 3.760 4.095
2016-02-18 3.760 4.242
2016-01-25 3.760 4.483
2015-07-27 3.760 4.208
2015-04-27 3.760 4.384
2015-04-24 3.760 4.407
2015-02-24 3.760 4.397
2015-01-26 3.760 4.438
2014-07-28 3.760 4.679
2014-04-28 3.760 5.003
2014-01-27 3.760 4.898
2013-10-28 3.760 4.586
2013-07-22 3.760 4.743
2013-04-19 3.760 5.331
2012-10-16 3.760 5.717
2012-07-23 3.760 5.451
2012-04-17 3.760 5.648
2012-01-23 3.760 5.419
2011-10-17 3.760 6.142
2011-04-15 3.760 6.280
2011-01-24 3.760 5.705
2010-07-19 3.760 5.664
2010-04-16 3.760 5.696
2009-10-19 3.760 6.370

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Park National's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Park National's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Park National afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Park National has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PRK Management

 What is the CEO of Park National's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Trautman
COMPENSATION $1,807,467
AGE 56
TENURE AS CEO 5.4 years
CEO Bio

Mr. David L. Trautman has been the Chief Executive Officer of Park National Corp. and its subsidiary Park National Bank since January 1, 2014. Education: Bachelor of Arts in Economics - Duke University MBA - The Ohio State University Stonier Graduate School of Banking - University of Wisconsin Career: 1983 - Began career as a Management Associate at the PNB Main Office in July and became Columbus Office's Commercial Loan Interviewer in October 1984 - Columbus Commercial Loans Administrative Assistant then Assistant Loan Officer 1986 - Loan Officer and Manager of the Park National Bank, Columbus Office 1991 - Assistant Vice President 1993 - Vice President 1997 - President of First-Knox National Bank in Mount Vernon, Ohio 2002 - Elected Executive Vice President and Director of Park National Bank 2002 - Appointed Secretary of Park National Corporation 2005 - Elected President and Director of Park National Corporation and President of Park National Bank 2014 - Elected Chief Executive Officer of Park National Corporation, remained President and Director of Park Natioanl Corporation and President of Park National Bank 2019 - Elected Chairman of Park National Corporation, remains Chief Executive Officer of Park National Bank and Park National Corporation Dawes Arboretum; Trustee from 2006 to present; Treasurer from 2007 – present Licking County Foundation; 2017 – present Newark Development Partners; 2017 - present A Call to College; Celebrity Reader volunteer; 2009 to present Specialties: C&I Financing Commercial Loans Commercial Real Estate Construction Loans Equipment Financing Lines of Credit Merger/Acquisition Financing

CEO Compensation
  • David's compensation has been consistent with company performance over the past year, both up more than 20%.
  • David's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Park National management team in years:

5.4
Average Tenure
52
Average Age
  • The average tenure for the Park National management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

David Trautman

TITLE
CEO & Chairman of the Board
COMPENSATION
$2M
AGE
56
TENURE
5.4 yrs

Brady Burt

TITLE
CFO, Secretary & Treasurer
COMPENSATION
$790K
AGE
46
TENURE
6.5 yrs

Matt Miller

TITLE
President & Director
AGE
39
TENURE
0.1 yrs

Edds Herreman

TITLE
Chief Accounting Officer
AGE
35
TENURE
2.2 yrs

Jeffrey Wilson

TITLE
Chief Administrative Officer
AGE
52
TENURE
6.8 yrs

Laura Lewis

TITLE
Senior VP
AGE
58

Stu Parsons

TITLE
Senior Vice President

Phillip Leitnaker

TITLE
Member of Advisory Board of Fairfield National Division
AGE
89

Jerry Nethers

TITLE
Vice President

Cynthia Crane

TITLE
Vice President
Board of Directors Tenure

Average tenure and age of the Park National board of directors in years:

6.2
Average Tenure
60
Average Age
  • The tenure for the Park National board of directors is about average.
Board of Directors

Matt Miller

TITLE
President & Director
AGE
39
TENURE
0.1 yrs

Dan DeLawder

TITLE
Director
COMPENSATION
$1M
AGE
69
TENURE
14.4 yrs

David Trautman

TITLE
CEO & Chairman of the Board
COMPENSATION
$2M
AGE
56
TENURE
0.1 yrs

Lee Zazworsky

TITLE
Lead Independent Director
COMPENSATION
$137K
AGE
69
TENURE
7.4 yrs

F. Englefield

TITLE
Director
COMPENSATION
$110K
AGE
63
TENURE
14.4 yrs

Steve Kambeitz

TITLE
Director
COMPENSATION
$98K
AGE
59
TENURE
9.4 yrs

Donna Alvarado

TITLE
Director
COMPENSATION
$111K
AGE
69
TENURE
6.2 yrs

Robert O’Neill

TITLE
Director
COMPENSATION
$112K
AGE
55
TENURE
6.2 yrs

Jim DeRoberts

TITLE
Director
COMPENSATION
$78K
AGE
61
TENURE
4.3 yrs

Julie Sloat

TITLE
Director
COMPENSATION
$81K
AGE
48
TENURE
4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
19. Feb 19 Sell Timothy McLain Individual 14. Feb 19 14. Feb 19 -1,100 $97.64 $-107,386
X
Management checks
We assess Park National's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Park National has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PRK News

Simply Wall St News

Why Park National Corporation's (NYSEMKT:PRK) High P/E Ratio Isn't Necessarily A Bad Thing

View our latest analysis for Park National How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Park National: P/E of 14.18 = $95.29 ÷ $6.72 (Based on the year to March 2019.) Is A High Price-to-Earnings Ratio Good? … A higher P/E ratio means that buyers have to pay a higher price for each $1 the company has earned over the last year.

Simply Wall St -

Should You Worry About Park National Corporation's (NYSEMKT:PRK) CEO Pay?

View our latest analysis for Park National How Does David Trautman's Compensation Compare With Similar Sized Companies? … Our data indicates that Park National Corporation is worth US$1.6b, and total annual CEO compensation is US$1.8m. … AMEX:PRK CEO Compensation, May 22nd 2019 Is Park National Corporation Growing?

Simply Wall St -

Need To Know: Park National Corporation (NYSEMKT:PRK) Insiders Have Been Selling Shares

So we'll take a look at whether insiders have been buying or selling shares in Park National Corporation (NYSEMKT:PRK). … See our latest analysis for Park National Park National Insider Transactions Over The Last Year The Director, Timothy McLain, made the biggest insider sale in the last 12 months. … Does Park National Boast High Insider Ownership?

Simply Wall St -

With EPS Growth And More, Park National (NYSEMKT:PRK) Is Interesting

How Quickly Is Park National Increasing Earnings Per Share. … Not all of Park National's revenue this year is revenue from operations, so keep in mind the revenue and margin numbers I've used might not be the best representation of the underlying business. … Park National maintained stable EBIT margins over the last year, all while growing revenue 6.1% to US$350m.

Simply Wall St -

What Type Of Shareholder Owns Park National Corporation's (NYSEMKT:PRK)?

A look at the shareholders of Park National Corporation (NYSEMKT:PRK) can tell us which group is most powerful. … We also tend to see lower insider ownership in companies that were previously publicly owned. … With a market capitalization of US$1.6b, Park National is a decent size, so it is probably on the radar of institutional investors.

Simply Wall St -

What You Should Know About Park National Corporation’s (NYSEMKT:PRK) Liquidity

As a small-cap bank stock with a market capitalisation of US$1.5b, Park National Corporation’s (NYSEMKT:PRK) risk and profitability are largely determined by the underlying economic growth of the US regions in which it operates. … These reforms target banking regulations and intends to enhance financial institutions’ ability to absorb shocks resulting from economic stress which could expose banks like Park National to vulnerabilities. … Since its financial standing can unexpectedly decline in the case of an adverse macro event such as political instability, it is important to understand how prudent the bank is at managing its risk levels.

Simply Wall St -

The Park National (NYSEMKT:PRK) Share Price Is Up 27% And Shareholders Are Holding On

Better yet, you'd like to see the share price move up more than the market average. … Unfortunately for shareholders, while the Park National Corporation (NYSEMKT:PRK) share price is up 27% in the last five years, that's less than the market return. … During five years of share price growth, Park National achieved compound earnings per share (EPS) growth of 7.4% per year.

Simply Wall St -

What To Know Before Buying Park National Corporation (NYSEMKT:PRK) For Its Dividend

Park National Corporation (NYSEMKT:PRK) has pleased shareholders over the past 10 years, by paying out dividends. … The company currently pays out a dividend yield of 4.3% to shareholders, making it a relatively attractive dividend stock. … 5 checks you should use to assess a dividend stock

Simply Wall St -

Does Park National Corporation (NYSEMKT:PRK) Have A High Beta?

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … While we should keep in mind that Warren Buffett has cautioned that 'Volatility is far from synonymous with risk', beta is still a useful factor to consider.

Simply Wall St -

What Is Park National Corporation's (NYSEMKT:PRK) Share Price Doing?

led the AMEX gainers with a relatively large price hike in the past couple of weeks. … So, could the stock still be trading at a low price relative to its actual value. … Let’s examine Park National’s valuation and outlook in more detail to determine if there’s still a bargain opportunity

Simply Wall St -

PRK Company Info

Description

Park National Corporation operates as the bank holding company for Park National Bank that provides commercial banking and trust services in Ohio and Northern Kentucky. It 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 for individual customers. The company also provides commercial loans, including financing for industrial and commercial properties, financing for equipment, inventory and accounts receivable, acquisition financing, and commercial leasing, as well as for consumer finance companies; commercial real estate loans comprising mortgage loans to developers and owners of commercial real estate; consumer loans, such as automobile loans and leases; consumer finance services; home equity lines of credit; and residential real estate and construction loans, as well as installment loans and commercial loans. In addition, it offers aircraft financing and asset management services. The company operates 113 financial service offices, including 109 branches; and 135 automated teller machines. Park National Corporation was founded in 1908 and is headquartered in Newark, Ohio.

Details
Name: Park National Corporation
PRK
Exchange: AMEX
Founded: 1908
$1,643,555,841
16,646,975
Website: http://www.parknationalcorp.com
Address: Park National Corporation
50 North Third Street,
PO Box 3500,
Newark,
Ohio, 43058,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AMEX PRK Common Stock NYSE MKT LLC US USD 30. Aug 1990
Number of employees
Current staff
Staff numbers
1,782
Park National employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 23:43
End of day share price update: 2019/06/19 00:00
Last estimates confirmation: 2019/06/17
Last earnings filing: 2019/05/02
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.