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TheStreet Open House

10 Buy-Rated Bank Stocks With Highest Dividend Yields

Stocks in this article: BAC C NYCB PBCT VLY FMER FNB UBSI TRST PRK UVSP WBCO PVFC CRBC VCBI

3. Park National Corp.


Shares of Park National Corp. (PRK) of Newark, Ohio, closed at $65.98 Thursday, returning 3.5% this year, following a 5% return during 2012. The shares trade for 1.9 times tangible book value and for 12.6 times the consensus 2014 EPS estimate of $5.23. The consensus 2013 EPS estimate is $4.97.

Based on a quarterly payout of $0.94, the shares have a dividend yield of 5.70%.

Park National is rated a B-plus (Good) by TheStreet Ratings.

The company had $6.6 billion in total assets as of Dec. 31 and reported 2012 net income of $78.6 million, or $4.88 a share, declining from $82.1 million, or $4.95 a share, during 2011. The 2012 ROA was 1.16%, rising slightly from 1.14% the previous year.

The ROA increased, despite the decline in earnings, because the company in February of last year sold its troubled Florida subsidiary, Vision Bank, to Home Bancshares (HOMB) of Conway, Ark. The selling price was $27.9 million, and Park Natinoal retained Vision Bank's nonperforming loans. Park National also restated its 2010 and 2011 results, to recognize "loan loss provisions and other real estate owned devaluations at Vision Bank in 2010 instead of 2011."

Park National's nonperforming loans declined to $221.1 million as of Dec, 31, from $266.0 million a year earlier.

The company's major transition in 2012 also included the full repayment in April of $100 million in TARP money.

KBW analyst John Barber rates Park National "market perform," with a $64.00 price target, saying in a report on Jan. 28 that "the company still needs to work down" $76 million in nonperforming assets inherited from Vision Bank. The analyst estimates the company will earn $4.95 a share this year, with EPS increasing to $5.15 in 2014.

PRK Chart PRK data by YCharts

Interested in more on Park National Corp? See TheStreet Ratings' report card for this stock.

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