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Mid Penn Bancorp (MPB) Soars 5.8%: Is Further Upside Left in the Stock?

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Mid Penn Bancorp (MPB - Free Report) shares rallied 5.8% in the last trading session to close at $26.99. 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 4.5% loss over the past four weeks.

Optimistic investor sentiments surrounding the expectation of an accelerated recovery of the finance sector drove the stock higher. The bullish trend can be attributed to steepening of the yield curve, additional government spending and favorable economic data.

Price and Consensus

Price Consensus Chart for MPB

This company is expected to post quarterly earnings of $0.95 per share in its upcoming report, which represents a year-over-year change of +17.3%. Revenues are expected to be $25.29 million, up 1.3% 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 Mid Penn Bancorp, the consensus EPS estimate for the quarter has been revised 89% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on MPB going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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