In a report published Friday, Keefe, Bruyette & Woods analyst Damon DelMonte reiterated a Market Perform rating and $78.00 price target on Park National Corporation PRK.
In the report, Keefe, Bruyette & Woods noted, “PRK announced Tuesday afternoon their intentions to prepay ~$35mm of high-cost subordinated debt (10%) with cash in a deal that was completed on December 24, 2014. We view the transaction positively as at first glance it should be about 3-5% accretive to our EPS estimate, while having minimal impact on the company's regulatory capital ratios. Pending a follow-up conversation with management, our estimates are under review.”
Park National Corporation closed on Wednesday at $88.88.
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