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Midwest Banks' Q2 Earnings to Watch: PRK, LKFN, HTLF & More
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The backdrop has been tough for U.S. banks since the beginning of the year. Industry wide weakness and global growth concerns were further fueled by the recent Brexit referendum. As such, banks have already been struggling with revenue pressure amid a persistently low interest environment and heightened regulatory restrictions.
Nevertheless, market sentiments for the industry lifted as some of the major players like JPMorgan Chase & Co. (JPM - Free Report) and Bank of America Corporation (BAC - Free Report) beat earnings expectations for the second quarter.
While results from the banks reported so far paint a better picture for the industry as a whole, it is too early to predict the sector’s outperformance. In fact, earnings estimates for the banks that are yet to announce results are not encouraging. Per our latest Earnings Preview report, earnings for the S&P 500 stocks from the Finance sector (of which banks form the majority) are expected to be down 0.2% in second-quarter 2016.
Let’s have a look at what’s in store for the following Midwest bank stocks, which are expected to release their results on Jul 25.
The Zacks Consensus Estimate for Park National Corporation’s (PRK - Free Report) earnings has remained stable over the last 30 days at $1.34, reflecting a decline of 2.19% year over year.
Further, with a Zacks Rank #3 (Hold) and an Earnings ESP of 0.00%, it is difficult to conclusively predict an earnings beat. Though Zacks Rank #3 increases the possibility of an earnings beat, we need a positive Earnings ESP to be sure of the same.
The company reported an average negative earnings surprise of 2.27% over the trailing four quarters.
The Zacks Consensus Estimate of 71 cents has remained steady over the last 30 days for Lakeland Financial Corporation (LKFN - Free Report) . This estimate reflects a year-over-year growth of 4.41%.
Though the company carries a Zacks Rank #3 it has an Earnings ESP of 0.00%. Hence, our quantitative model does not conclusively predict an earnings beat.
Lakeland Financial delivered an average positive earnings surprise of 1.79% over the trailing four quarters.
Heartland Financial USA, Inc.’s (HTLF - Free Report) Zacks Consensus Estimate has remained unchanged over the past 30 days. The estimate of 77 cents reflects a growth of 6.94% year over year.
Heartland Financial holds a Zacks Rank #3 and an Earnings ESP of 0.00%, making it difficult to conclusively predict earnings beat this quarter.
The company has posted a decent earnings surprise, with an average beat of 11.37% in the trailing four quarters.
German American Bancorp Inc.’s (GABC - Free Report) Zacks Consensus Estimate of 56 cents has remained unchanged over the last 30 days. This estimate depicts an improvement of 1.82% year over year.
Though the company carries a Zacks Rank #3 and an Earnings ESP of 0.00%. Hence, it is difficult to conclusively predict an earnings beat for the quarter.
Nevertheless, the company boasts a decent earnings surprise history.
First Interstate Bancsystem Inc.’s (FIBK - Free Report) Zacks Consensus Estimate of 52 cents has remained constant over the past 30 days.This figure reflects a rise of 5.71% year over year.
However, with a Zack Rank #4 (Sell) and an Earnings ESP of 0.00%, the probability of an earnings beat by the company is quite low.
Moreover, in spite of recording positive earnings surprise in three of the four trailing quarters, the average earnings surprise was a negative 1.93%.
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Midwest Banks' Q2 Earnings to Watch: PRK, LKFN, HTLF & More
The backdrop has been tough for U.S. banks since the beginning of the year. Industry wide weakness and global growth concerns were further fueled by the recent Brexit referendum. As such, banks have already been struggling with revenue pressure amid a persistently low interest environment and heightened regulatory restrictions.
Nevertheless, market sentiments for the industry lifted as some of the major players like JPMorgan Chase & Co. (JPM - Free Report) and Bank of America Corporation (BAC - Free Report) beat earnings expectations for the second quarter.
While results from the banks reported so far paint a better picture for the industry as a whole, it is too early to predict the sector’s outperformance. In fact, earnings estimates for the banks that are yet to announce results are not encouraging. Per our latest Earnings Preview report, earnings for the S&P 500 stocks from the Finance sector (of which banks form the majority) are expected to be down 0.2% in second-quarter 2016.
Let’s have a look at what’s in store for the following Midwest bank stocks, which are expected to release their results on Jul 25.
The Zacks Consensus Estimate for Park National Corporation’s (PRK - Free Report) earnings has remained stable over the last 30 days at $1.34, reflecting a decline of 2.19% year over year.
Further, with a Zacks Rank #3 (Hold) and an Earnings ESP of 0.00%, it is difficult to conclusively predict an earnings beat. Though Zacks Rank #3 increases the possibility of an earnings beat, we need a positive Earnings ESP to be sure of the same.
The company reported an average negative earnings surprise of 2.27% over the trailing four quarters.
PARK NATIONAL Price and EPS Surprise
PARK NATIONAL Price and EPS Surprise | PARK NATIONAL Quote
The Zacks Consensus Estimate of 71 cents has remained steady over the last 30 days for Lakeland Financial Corporation (LKFN - Free Report) . This estimate reflects a year-over-year growth of 4.41%.
Though the company carries a Zacks Rank #3 it has an Earnings ESP of 0.00%. Hence, our quantitative model does not conclusively predict an earnings beat.
Lakeland Financial delivered an average positive earnings surprise of 1.79% over the trailing four quarters.
LAKELAND FINL Price and EPS Surprise
LAKELAND FINL Price and EPS Surprise | LAKELAND FINL Quote
Heartland Financial USA, Inc.’s (HTLF - Free Report) Zacks Consensus Estimate has remained unchanged over the past 30 days. The estimate of 77 cents reflects a growth of 6.94% year over year.
Heartland Financial holds a Zacks Rank #3 and an Earnings ESP of 0.00%, making it difficult to conclusively predict earnings beat this quarter.
The company has posted a decent earnings surprise, with an average beat of 11.37% in the trailing four quarters.
HEARTLAND FINCL Price and EPS Surprise
HEARTLAND FINCL Price and EPS Surprise | HEARTLAND FINCL Quote
German American Bancorp Inc.’s (GABC - Free Report) Zacks Consensus Estimate of 56 cents has remained unchanged over the last 30 days. This estimate depicts an improvement of 1.82% year over year.
Though the company carries a Zacks Rank #3 and an Earnings ESP of 0.00%. Hence, it is difficult to conclusively predict an earnings beat for the quarter.
Nevertheless, the company boasts a decent earnings surprise history.
GERMAN AMER BCP Price and EPS Surprise
GERMAN AMER BCP Price and EPS Surprise | GERMAN AMER BCP Quote
First Interstate Bancsystem Inc.’s (FIBK - Free Report) Zacks Consensus Estimate of 52 cents has remained constant over the past 30 days.This figure reflects a rise of 5.71% year over year.
However, with a Zack Rank #4 (Sell) and an Earnings ESP of 0.00%, the probability of an earnings beat by the company is quite low.
Moreover, in spite of recording positive earnings surprise in three of the four trailing quarters, the average earnings surprise was a negative 1.93%.
FIRST INTST MT Price and EPS Surprise
FIRST INTST MT Price and EPS Surprise | FIRST INTST MT Quote
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