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First Mid-Illinois (FMBH) Stock Jumps 5.7%: Will It Continue to Soar?
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First Mid-Illinois Bancshares (FMBH - Free Report) shares ended the last trading session 5.7% higher at $35.09. 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 2.2% loss over the past four weeks.
The performance of bank stocks is expected to improve further in the quarters ahead on rising interest rates and decent improvement in loan demand. So far this year, the Federal Reserve has already raised interest rates a couple of times. The policy rate has reached 3.0-3.25%, the highest level since 2008. More such rate hikes are expected in the near term. This has probably led to the bullish investor sentiments, which drove FMBH stock higher.
This bank holding company is expected to post quarterly earnings of $0.94 per share in its upcoming report, which represents a year-over-year change of -13%. Revenues are expected to be $67.77 million, up 9.6% 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 First Mid-Illinois, 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 FMBH going forward to see if this recent jump can turn into more strength down the road.
First Mid-Illinois belongs to the Zacks Banks - Northeast industry. Another stock from the same industry, Esquire Financial Holdings, Inc. (ESQ - Free Report) , closed the last trading session 3% higher at $38.50. Over the past month, ESQ has returned -2.9%.
Esquire Financial Holdings, Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.87. Compared to the company's year-ago EPS, this represents a change of +38.1%. Esquire Financial Holdings, Inc. currently boasts a Zacks Rank of #3 (Hold).
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First Mid-Illinois (FMBH) Stock Jumps 5.7%: Will It Continue to Soar?
First Mid-Illinois Bancshares (FMBH - Free Report) shares ended the last trading session 5.7% higher at $35.09. 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 2.2% loss over the past four weeks.
The performance of bank stocks is expected to improve further in the quarters ahead on rising interest rates and decent improvement in loan demand. So far this year, the Federal Reserve has already raised interest rates a couple of times. The policy rate has reached 3.0-3.25%, the highest level since 2008. More such rate hikes are expected in the near term. This has probably led to the bullish investor sentiments, which drove FMBH stock higher.
This bank holding company is expected to post quarterly earnings of $0.94 per share in its upcoming report, which represents a year-over-year change of -13%. Revenues are expected to be $67.77 million, up 9.6% 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 First Mid-Illinois, 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 FMBH 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 >>>>
First Mid-Illinois belongs to the Zacks Banks - Northeast industry. Another stock from the same industry, Esquire Financial Holdings, Inc. (ESQ - Free Report) , closed the last trading session 3% higher at $38.50. Over the past month, ESQ has returned -2.9%.
Esquire Financial Holdings, Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.87. Compared to the company's year-ago EPS, this represents a change of +38.1%. Esquire Financial Holdings, Inc. currently boasts a Zacks Rank of #3 (Hold).