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Financial Institutions, Inc. (FISI) - free report >>
The First of Long Island Corporation (FLIC) - free report >>
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Financial Institutions, Inc. (FISI) - free report >>
The First of Long Island Corporation (FLIC) - free report >>
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Financial Institutions (FISI) Soars 8.2%: Is Further Upside Left in the Stock?
Financial Institutions (FISI - Free Report) shares ended the last trading session 8.2% higher at $28.23. 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 5.9% loss over the past four weeks.
The performance of banks is expected to have improved in the second quarter given the higher interest rates and rise in demand for loans. Investors are also bullish on the banking sector on expectations of the interest rate hikes this year. This possibly led to the optimistic stance by the investors, which drove Financial Institutions stock higher.
This holding company for Five Star Bank is expected to post quarterly earnings of $0.78 per share in its upcoming report, which represents a year-over-year change of -37.6%. Revenues are expected to be $50.9 million, up 6.2% 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 Financial Institutions, 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 FISI 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 >>>>
Financial Institutions is part of the Zacks Banks - Northeast industry. The First of Long Island (FLIC - Free Report) , another stock in the same industry, closed the last trading session 2.2% higher at $18.01. FLIC has returned -5% in the past month.
The First of Long Island's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.48. Compared to the company's year-ago EPS, this represents no change. The First of Long Island currently boasts a Zacks Rank of #3 (Hold).