The third-quarter 2016 reporting cycle for the Finance sector is almost over. Results of the industry participants depict a significant improvement, despite a challenging operating backdrop.
Per our latest Earnings Outlook report, all S&P 500 companies in the Finance sector have reported results for the third quarter as of Nov 17, 2016. Total earnings for these companies increased 12.2% year over year on a revenue improvement of 5.6%. Notably, 73.3% companies have surpassed the bottom-line expectations and 75.6% beat on the top line.
Recovery in oil prices and improving domestic economic factors chiefly contributed to the sector’s improvement. In addition, a recovering housing market and an improving labor market aided growth.
On the other hand, the persistent low interest rate environment and global economic growth concerns were the undermining factors.
Let’s take a look at the three finance stocks that are slated to report their third-quarter 2016 earnings early next week.
PennantPark Investment Corporation (NASDAQ:PNNT) is slated to release its quarterly numbers on Nov 21, 2016. The Zacks Consensus Estimate for the stock for the current quarter has remained constant ahead of its earnings release. The estimate of 25 cents per share reflects year-over-year decline of 5.8%.
Further, based on our proven model, the stock is less likely to beat the Zacks Consensus Estimate in the to-be-reported quarter, as it carries a Zacks Rank #3 (Hold) and an Earnings ESP of 0.00%.
You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Our quantitative model highlights those stocks that have the combination of a positive Earnings ESP and a favorable Zacks Rank – Zacks Rank #1, #2 (Buy) or #3 – for an earnings surprise call. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Moreover, the company does not have a decent earnings surprise history. The stock outpaced the Zacks Consensus Estimate in only one of the trailing four quarters, recording an average negative earnings surprise of 1.1%.
PENNANTPARK INV Price and EPS Surprise
PENNANTPARK INV Price and EPS Surprise | PENNANTPARK INV Quote
Eaton Vance Corp. (NYSE:EV) will report its results on Nov 22, 2016. The Zacks Consensus Estimate for the stock for the current quarter has remained stable ahead of its earnings release. The estimate of 61 cents per share reflects year-over-year growth of 14.2%.
Also, Eaton is less likely to beat the Zacks Consensus Estimate in the forthcoming release, as it carries a Zacks Rank #3 and has an Earnings ESP of -3.28%.
Moreover, the company does not boast a decent earnings surprise history. The stock lagged the Zacks Consensus Estimate in two of the trailing four quarters, recording an average negative earnings surprise of 2.1%.
Parkway, Inc. (NYSE:PKY) is also expected to report its quarterly figures early next week. The Zacks Consensus Estimate for the stock for the current quarter has remained unchanged ahead of its earnings release. The estimate of 45 cents per share reflects a year-over-year improvement of 36.3%.
Also, the stock is less likely to beat the Zacks Consensus Estimate in the upcoming earnings release, as it carries a Zacks Rank #3 and an Earnings ESP of 0.00%.
However, the company boasts a decent earnings surprise history. The stock outpaced the Zacks Consensus Estimate in three of the trailing four quarters, recording an average positive earnings surprise of 6.4%.
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EATON VANCE (EV): Free Stock Analysis Report
PENNANTPARK INV (PNNT): Free Stock Analysis Report
PARKWAY INC (PKY): Free Stock Analysis Report
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