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Credicorp Ltd. (BAP) - free report >>
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Credicorp Ltd. (BAP) - free report >>
Bank of N.T. Butterfield & Son Limited (The) (NTB) - free report >>
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Bank of NT Butterfield & Son (NTB) Soars 8.9%: Is Further Upside Left in the Stock?
Bank of NT Butterfield & Son (NTB - Free Report) shares ended the last trading session 8.9% higher at $30.50. 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 15% loss over the past four weeks.
After stumbling significantly over the past few trading day, the trend reversed. Following the fall out of the collapse of two S&P 500 banks, the investors regained some confidence in the sector amid the steps taken by the regulators to avert a full-blown bank run. Moreover, inflation numbers came out as expected, which further reinforced investor optimism. These developments drove the NTB stock higher.
This community bank is expected to post quarterly earnings of $1.21 per share in its upcoming report, which represents a year-over-year change of +34.4%. Revenues are expected to be $147.1 million, up 16.9% 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 Bank of NT Butterfield & Son, the consensus EPS estimate for the quarter has been revised 14.8% 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 NTB 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 >>>>
Bank of NT Butterfield & Son is part of the Zacks Banks - Foreign industry. Credicorp (BAP - Free Report) , another stock in the same industry, closed the last trading session 2.6% higher at $129.85. BAP has returned -4.4% in the past month.
For Credicorp, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $4.12. This represents a change of +10.2% from what the company reported a year ago. Credicorp currently has a Zacks Rank of #3 (Hold).