Park National Corporation Second Quarter Earnings Sneak Peek

Park National Corporation (NASDAQ:PRK) will unveil its latest earnings on Monday, July 18, 2011. Park National Corporation is a holding company, which is engaged in the commercial banking and trust business, through its subsidiaries.

Park National Corporation Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for profit of $1.06 per share, a decline of 18.5% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from $1.08. Between one and three months ago, the average estimate was unchanged, but has since dropped during the last month. For the year, analysts are projecting net income of $4.81 per share, a rise of 6.7% from last year.

Past Earnings Performance: The company topped estimates last quarter after missing forecasts the quarter prior. In the first quarter, it reported profit of $1.29 per share against a mean estimate of net income of 98 cents per share. In the fourth quarter of the last fiscal year, it missed forecasts by 32 cents.

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Wall St. Revenue Expectations: On average, analysts predict $86.2 million in revenue this quarter, a rise of 1% from the year ago quarter. Analysts are forecasting total revenue of $344.6 million for the year, a rise of 1.4% from last year’s revenue of $339.7 million.

Analyst Ratings: Analysts are bullish on Park National as three analysts rate it as a buy, none rate it as a sell and three rate it as a hold.

Key Stats:

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 2.9% while it rose 3.2% in the fourth quarter of the last fiscal year and 2% in the third quarter of the last fiscal year.

Revenue has fallen in the past four quarters. Revenue declined 6.9% to $104.5 million in first quarter. The figure fell 7.4% in the fourth quarter of the last fiscal year from the year earlier, dropped 5.3% in third quarter of the last fiscal year from the year-ago quarter and 9.9% in the second quarter of the last fiscal year.

Competitors to Watch: Huntington Bancshares Inc. (NASDAQ:HBAN), Peoples Bancorp Inc. (NASDAQ:PEBO), First Financial Bancorp (NASDAQ:FFBC), WesBanco, Inc. (NASDAQ:WSBC), Camco Financial Corp. (NASDAQ:CAFI), FirstMerit Corporation (NASDAQ:FMER), Ohio Legacy Corp (NASDAQ:OLCB), United Bancshares Inc. OH (NASDAQ:UBOH), Ohio Valley Banc Corp. (NASDAQ:OVBC), and United Bancorp, Inc. (NASDAQ:UBCP).

Stock Price Performance: During May 13, 2011 to July 12, 2011, the stock price had fallen $2.24 (-3.4%) from $66.76 to $64.52. The stock price saw one of its best stretches over the last year between January 24, 2011, and January 31, 2011, when shares rose for six-straight days, rising 9.2% (+$5.81) over that span. Shares have been on a negative streak of late, closing down every day between July 11, 2011 and July 12, 2011. Shares are down $6.13 (-8.7%) year to date.

(Source: Xignite Financials)

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