We expect Park National Corporation (PRK) to pay dividends of $4.24 in 2019, implying an attractive dividend yield of 4.64%. While we expect earnings to decline in 2019, we expect PRK to maintain its quarterly dividend at the current level due to a manageable dividend payout ratio. Our valuation analysis shows that PRK is almost fairly valued on a historical basis; however, it appears overvalued relative to peers.
Non-interest Income and Expense to Result in Earnings Decline
One of the primary reasons why we expect PRK's earnings to be lower in 2019 compared