The overall picture looks reassuring for the banks, as most of the banks that have reported second-quarter results so far beat earnings expectations. While the overall operating environment was challenging during the quarter, solid loan growth and favorable domestic economic factors helped banks perform better than what the market had expected.
However, earnings estimates for the S&P 500 stocks in the industry indicate a year-over-year decline. Per the latest Zacks Earnings Outlook report, overall earnings for the S&P 500 stocks in the Finance sector are expected to be down 1.4% year over year on a 0.4% decline in revenues.
Let’s take a look at what’s in store for the following banks (which form part of the broader Finance sector) that are scheduled to release their results on Aug 1.
The Zacks Consensus Estimate for CNB Financial Corp.’s (CCNE - Free Report) earnings has remained stable over the last 30 days at 38 cents, reflecting a year-over-year decline of 2.6%.
Further, with a Zacks Rank #4 (Sell) and an Earnings ESP of 0.00%, the probability of an earnings beat by the company is quite low.
CNB Financial has posted an average positive earnings surprise of 3.5% over the trailing four quarters.
Old National Bancorp’s (ONB - Free Report) Zacks Consensus Estimate of 25 cents was revised upward from 22 cents over the last 30 days. The estimate reflects no growth over the year-ago quarter.
However, the company has a Zacks Rank #3 (Hold) with an Earnings ESP of 0.00%, making it difficult to conclusively predict an earnings beat this quarter.
The company delivered an average positive earnings surprise of 1.7% over the trailing four quarters.
Sussex Bancorp’s Zacks Consensus Estimate of 24 cents has remained unchanged over the past 30 days. Notably, it indicates year-over-year growth of 26.3%.
Though the company holds a Zacks Rank #3, it has an Earnings ESP of 0.00%. Hence, our quantitative model does not conclusively predict an earnings beat.
The company posted an average positive earnings surprise of 14.6% over the trailing four quarters.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
The overall picture looks reassuring for the banks, as most of the banks that have reported second-quarter results so far beat earnings expectations. While the overall operating environment was challenging during the quarter, solid loan growth and favorable domestic economic factors helped banks perform better than what the market had expected.
However, earnings estimates for the S&P 500 stocks in the industry indicate a year-over-year decline. Per the latest Zacks Earnings Outlook report, overall earnings for the S&P 500 stocks in the Finance sector are expected to be down 1.4% year over year on a 0.4% decline in revenues.
Let’s take a look at what’s in store for the following banks (which form part of the broader Finance sector) that are scheduled to release their results on Aug 1.
The Zacks Consensus Estimate for CNB Financial Corp.’s (CCNE - Free Report) earnings has remained stable over the last 30 days at 38 cents, reflecting a year-over-year decline of 2.6%.
Further, with a Zacks Rank #4 (Sell) and an Earnings ESP of 0.00%, the probability of an earnings beat by the company is quite low.
CNB Financial has posted an average positive earnings surprise of 3.5% over the trailing four quarters.
Old National Bancorp’s (ONB - Free Report) Zacks Consensus Estimate of 25 cents was revised upward from 22 cents over the last 30 days. The estimate reflects no growth over the year-ago quarter.
However, the company has a Zacks Rank #3 (Hold) with an Earnings ESP of 0.00%, making it difficult to conclusively predict an earnings beat this quarter.
The company delivered an average positive earnings surprise of 1.7% over the trailing four quarters.
Sussex Bancorp’s Zacks Consensus Estimate of 24 cents has remained unchanged over the past 30 days. Notably, it indicates year-over-year growth of 26.3%.
Though the company holds a Zacks Rank #3, it has an Earnings ESP of 0.00%. Hence, our quantitative model does not conclusively predict an earnings beat.
The company posted an average positive earnings surprise of 14.6% over the trailing four quarters.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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