google-toolbar-pagerankPageRank is one of many factors that determines where your web page appears in search result rankings.

PageRank (PR) is a quality metric by Google. The values one to ten determine a page’s importance, reliability and authority on the web according to Google and is assigned to individual pages within a website, not the entire website.
PageRank works by counting the number and quality of links to a page to determine a rough estimate of how important the website is. The underlying assumption is that more important websites are likely to receive more links from other websites.
It’s one of many factors used to determine which pages appear in search results.

The last Google Toolbar PageRank update was on December 6th 2013 and since then rumours in SEO circles have been that Google would stop using the PageRank Metric to judge websites!

But now, Google’s John Mueller wrote it out in a Google Webmaster Help thread saying Google “have no plans to do further updates,” around PageRank.