This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

10 Bank Dividend Stocks: 2010 Roundup

4. Park National Corporation

Company Profile

Shares of Park National Corporation (PRK) of Newark, Ohio closed at $74.39 Monday, up 34% year-to-date. Based on a quarterly payout of 94 cents, the shares have a dividend yield of 5.05%.

Income Statement

Net income to common shareholders for the third quarter was $18.1 million, or $1.19 a share, declining from $19.7 million, or $1.30 a share, a year earlier, mainly because the results in the third quarter of 2009 included $3.5 million in gains on the sale of securities.

The third-quarter ROA was 1.11%, which was the highest among these 10 holding companies, despite Park National's payment of $1.5 million in dividends and accretion on $100 million in preferred shares held by the government for TARP assistance received in December 2008. Park National is the only company listed here that still owes TARP money.

The company's third-quarter dividend payout ratio was 79%.

Balance Sheet

Total assets were $7.1 billion as of September 30 and the nonperforming assets ratio was 4.24%, increasing from 3.71% a year earlier. The net charge-off ratio for the third quarter was 1.54% and loan loss reserves covered 2.52% of total loans as of September 30.

The Tier 1 leverage ratio was 9.67% and the total risk-based capital ratio was 15.98% as of September 30. The tangible common equity ratio was 8.28% according to SNL Financial.

Park National raised $27.6 million in common equity from the through the exercise of warrants through the first three quarters and another $4.8 million through the sale of shares to two institutional investors in December.

Stock Ratios

The shares trade for two times tangible book value according to SNL and 15 times the 2011 consensus earnings estimate of $5 a share. The forward P/E declines to 12 based on the 2012 consensus earnings estimate of $6.32 a share.

Analyst Ratings

Three of the six analysts covering Park National Corporation rate the shares a buy, while the other three analysts recommend investors hold the shares.

8 of 11

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,987.51 -61.49 -0.36%
S&P 500 1,985.54 -11.91 -0.60%
NASDAQ 4,567.5980 -24.2080 -0.53%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs