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Strength Seen in Park National (PRK): Can Its 3.8% Jump Turn into More Strength?
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Park National (PRK - Free Report) shares ended the last trading session 3.8% higher at $151.33. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.2% loss over the past four weeks.
Park National stock witnessed a rise in price for the second consecutive day. The stock touched a new 52-week high during last day’s trading session. The performance of banking stocks has been improving since the last couple of quarters as the Federal Reserve has been raising interest rates to counter inflation. Since mid-March, the Fed has raised interest rates quite a number of times. Thus, in the rising rate environment, the growth in demand for loans has led to bullish investor sentiments, which drove the PRK stock higher.
This financial services holding company is expected to post quarterly earnings of $2.35 per share in its upcoming report, which represents a year-over-year change of +13.5%. Revenues are expected to be $122.51 million, up 5.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Park National, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PRK going forward to see if this recent jump can turn into more strength down the road.
Park National is part of the Zacks Banks - Midwest industry. UMB Financial (UMBF - Free Report) , another stock in the same industry, closed the last trading session 2.1% higher at $85.52. UMBF has returned 1.2% in the past month.
For UMB, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.04. This represents a change of +25.9% from what the company reported a year ago. UMB currently has a Zacks Rank of #4 (Sell).
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Strength Seen in Park National (PRK): Can Its 3.8% Jump Turn into More Strength?
Park National (PRK - Free Report) shares ended the last trading session 3.8% higher at $151.33. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.2% loss over the past four weeks.
Park National stock witnessed a rise in price for the second consecutive day. The stock touched a new 52-week high during last day’s trading session. The performance of banking stocks has been improving since the last couple of quarters as the Federal Reserve has been raising interest rates to counter inflation. Since mid-March, the Fed has raised interest rates quite a number of times. Thus, in the rising rate environment, the growth in demand for loans has led to bullish investor sentiments, which drove the PRK stock higher.
This financial services holding company is expected to post quarterly earnings of $2.35 per share in its upcoming report, which represents a year-over-year change of +13.5%. Revenues are expected to be $122.51 million, up 5.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Park National, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PRK going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Park National is part of the Zacks Banks - Midwest industry. UMB Financial (UMBF - Free Report) , another stock in the same industry, closed the last trading session 2.1% higher at $85.52. UMBF has returned 1.2% in the past month.
For UMB, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.04. This represents a change of +25.9% from what the company reported a year ago. UMB currently has a Zacks Rank of #4 (Sell).