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Strength Seen in Western New England Bancorp (WNEB): Can Its 7.8% Jump Turn into More Strength?
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Western New England Bancorp (WNEB - Free Report) shares ended the last trading session 7.8% higher at $8.87. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12% loss over the past four weeks.
The performance of banks has been decent so far in the first quarter of 2022. Investors are also optimistic on the sector, given the projections of the interest rate hikes this year. This has possibly led investors to be bullish on the stock, which drove Western New England Bancorp higher.
This bank holding company is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of -4.2%. Revenues are expected to be $20.95 million, down 0.4% 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 Western New England Bancorp, 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 WNEB going forward to see if this recent jump can turn into more strength down the road.
Western New England Bancorp is part of the Zacks Banks - Foreign industry. UBS (UBS - Free Report) , another stock in the same industry, closed the last trading session 0.8% higher at $18.75. UBS has returned -7.7% in the past month.
For UBS, the consensus EPS estimate for the upcoming report has changed -14% over the past month to $0.49. This represents no change from what the company reported a year ago. UBS currently has a Zacks Rank of #3 (Hold).
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Strength Seen in Western New England Bancorp (WNEB): Can Its 7.8% Jump Turn into More Strength?
Western New England Bancorp (WNEB - Free Report) shares ended the last trading session 7.8% higher at $8.87. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12% loss over the past four weeks.
The performance of banks has been decent so far in the first quarter of 2022. Investors are also optimistic on the sector, given the projections of the interest rate hikes this year. This has possibly led investors to be bullish on the stock, which drove Western New England Bancorp higher.
This bank holding company is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of -4.2%. Revenues are expected to be $20.95 million, down 0.4% 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 Western New England Bancorp, 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 WNEB 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 stocks here >>>>
Western New England Bancorp is part of the Zacks Banks - Foreign industry. UBS (UBS - Free Report) , another stock in the same industry, closed the last trading session 0.8% higher at $18.75. UBS has returned -7.7% in the past month.
For UBS, the consensus EPS estimate for the upcoming report has changed -14% over the past month to $0.49. This represents no change from what the company reported a year ago. UBS currently has a Zacks Rank of #3 (Hold).