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Premier Financial (PFC) Soars 5.2%: Is Further Upside Left in the Stock? (Revised)

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Premier Financial (PFC - Free Report) shares rallied 5.2% in the last trading session to close at $32.31. 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 0.5% gain over the past four weeks.

Premier Financial witnessed a rise in share price for the second consecutive day. The performance of banks has been decent in the first quarter of 2022 so far. Investors are also optimistic stance on the sector, given the expectations of the interest rate hikes this year. This has possibly led the investors to be bullish on the stock, which drove Premier Financial higher.

The holding company for Premier Bank is expected to post quarterly earnings of $0.69 per share in its upcoming report, which represents a year-over-year change of -37.3%. Revenues are expected to be $73.6 million, down 11.1% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Premier Financial, the consensus EPS estimate for the quarter has been revised 1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PFC going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Premier Financial is part of the Zacks Banks - Northeast industry. Republic First (FRBK - Free Report) , another stock in the same industry, closed the last trading session 0.8% higher at $5.23. FRBK has returned 0.8% in the past month.

Republic First's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.08. Compared to the company's year-ago EPS, this represents a change of -11.1%. Republic First currently boasts a Zacks Rank of #2 (Buy).

(We are reissuing this article to correct a mistake. The original article, issued on March 15, 2022, should no longer be relied upon.)


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