Bar Harbor Bankshares (BHB - Free Report) shares rallied 6.7% in the last trading session to close at $27.96. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 14.3% gain over the past four weeks.
Bar Harbor Bankshares stock rallied for the second consecutive day. With the market participants expecting the Federal Reserve to keep the interest rates unchanged following this month’s FOMC meeting, investor sentiments turned bullish on the bank stocks. As the Fed raised the rates at faster pace, it led to the ongoing banking crisis. Hence, an expected pause in the interest rate hikes will support banks’ financials. This optimistic stance drove BHB stock higher.
This bank is expected to post quarterly earnings of $0.69 per share in its upcoming report, which represents a year-over-year change of -1.4%. Revenues are expected to be $38.9 million, up 9.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Bar Harbor, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BHB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Bar Harbor is part of the Zacks Banks - Northeast industry. Unity Bancorp (UNTY - Free Report) , another stock in the same industry, closed the last trading session 2.5% higher at $24.33. UNTY has returned 10.9% in the past month.
For Unity Bancorp, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.89. This represents a change of +1.1% from what the company reported a year ago. Unity Bancorp currently has a Zacks Rank of #3 (Hold).
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
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Bar Harbor Bankshares (BHB - Free Report) shares rallied 6.7% in the last trading session to close at $27.96. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 14.3% gain over the past four weeks.
Bar Harbor Bankshares stock rallied for the second consecutive day. With the market participants expecting the Federal Reserve to keep the interest rates unchanged following this month’s FOMC meeting, investor sentiments turned bullish on the bank stocks. As the Fed raised the rates at faster pace, it led to the ongoing banking crisis. Hence, an expected pause in the interest rate hikes will support banks’ financials. This optimistic stance drove BHB stock higher.
This bank is expected to post quarterly earnings of $0.69 per share in its upcoming report, which represents a year-over-year change of -1.4%. Revenues are expected to be $38.9 million, up 9.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Bar Harbor, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BHB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Bar Harbor is part of the Zacks Banks - Northeast industry. Unity Bancorp (UNTY - Free Report) , another stock in the same industry, closed the last trading session 2.5% higher at $24.33. UNTY has returned 10.9% in the past month.
For Unity Bancorp, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.89. This represents a change of +1.1% from what the company reported a year ago. Unity Bancorp currently has a Zacks Rank of #3 (Hold).
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
Hurry, Download Special Report FREE >>
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