PRK Dividend

Park National Corporation dividend

Although PRK has a dividend of 1.07 with an ex-dividend date of May 16, you can sell covered calls on Park National Corporation to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Thu 12:30 PM ET):

Park National Corporation (PRK)
Bid Ask Last Change Volume P/E Market Cap
161.21 161.63 161.57 +3.93 20K 16 2.6B

PRK Dividend-Like Income Using Covered Calls

With PRK at 161.57, here's a table showing how big the annual "dividend" (i.e. total annual call premium received) would need to be to attain 3%, 5%, and 10% annual yields. Also shown is the equivalent number of cents/day necessary to achieve each yield:

Annual Yield Annual Premium Cents/Day
3% 4.85 1.3
5% 8.08 2.2
10% 16.16 4.4

So now we need to find out of the money covered calls that pay at least the prescribed cents/day amount of time premium. That will generate income and, because they are out of the money, leave room for some upside potential on the stock. Here are some examples:

3% Yield On PRK Using Covered Calls
Expiration Strike Call Bid Days Cents/Day Upside Potential
Sep 19 165.00 5.10 135 3.8 3.37 (2.1%)
Dec 19 165.00 9.10 226 4.0 3.37 (2.1%)
5% Yield On PRK Using Covered Calls
Expiration Strike Call Bid Days Cents/Day Upside Potential
Sep 19 165.00 5.10 135 3.8 3.37 (2.1%)
Dec 19 165.00 9.10 226 4.0 3.37 (2.1%)

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