Park National (PRK) Q3 Earnings Miss Estimates

Core Viewpoint - Park National (PRK) reported quarterly earnings of $2.25 per share, missing the Zacks Consensus Estimate of $2.31 per share, representing an earnings surprise of -2.60% [1] - The company posted revenues of $137.64 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 10.38% [2] Financial Performance - Earnings per share (EPS) for the same quarter last year was $2.28, indicating a slight decrease year-over-year [1] - Over the last four quarters, Park National has surpassed consensus EPS estimates three times [2] - The company has also topped consensus revenue estimates three times over the last four quarters [2] Stock Performance - Park National shares have increased approximately 25.4% since the beginning of the year, outperforming the S&P 500's gain of 21.8% [3] - The current consensus EPS estimate for the upcoming quarter is $2.27, with expected revenues of $124.49 million, and for the current fiscal year, the estimate is $9.18 on revenues of $497.26 million [7] Industry Outlook - The Banks - Midwest industry, to which Park National belongs, is currently ranked in the top 18% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]