Overview
Park National Q3 net income rises 23.4% yr/yr to $47.2 mln
EPS for Q3 increases to $2.92 from $2.35 yr/yr
Company declares special one-time dividend of $1.25 per share
Outlook
Park National did not provide specific financial guidance for future quarters in the press release
Result Drivers
EXPENSE MANAGEMENT - Park attributes its improved financial performance to disciplined expense management and relationship-driven banking
LOAN AND DEPOSIT GROWTH - Moderate growth in total loans and deposits contributed to Park's success
NET INTEREST INCOME - A 9.8% increase in net interest income supported by a stable net interest margin
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $2.92 | ||
Q3 Net Income | $47.16 mln | ||
Q3 Net Interest Income | $111.02 mln | ||
Q3 Basic EPS | $2.93 | ||
Q3 Net Interest Margin | 4.72% | ||
Q3 Pretax Profit | $58.1 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Park National Corp is $185.00, about 13.8% above its October 24 closing price of $159.54
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 17 three months ago
Press Release: ID:nGNX7qSMhd
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
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