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Stellar Bancorp (STEL) Stock Jumps 5.2%: Will It Continue to Soar?
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Stellar Bancorp (STEL - Free Report) shares ended the last trading session 5.2% higher at $25.72. 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 10.6% gain over the past four weeks.
With the market participants expecting the Federal Reserve to keep the interest rates unchanged following this month’s FOMC meeting, investor sentiments turned bullish on the bank stocks. As the Fed raised the rates at faster pace, it led to the ongoing banking crisis. Hence, an expected pause in the interest rate hikes will support banks’ financials. This optimistic stance drove STEL stock higher.
This bank holding company is expected to post quarterly earnings of $0.69 per share in its upcoming report, which represents a year-over-year change of +43.8%. Revenues are expected to be $116.87 million, up 204.2% 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 Stellar 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 STEL going forward to see if this recent jump can turn into more strength down the road.
Stellar Bancorp is a member of the Zacks Banks - Southeast industry. One other stock in the same industry, Capital City Bank (CCBG - Free Report) , finished the last trading session 3.9% higher at $32.18. CCBG has returned 5.1% over the past month.
For Capital City Bank, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.85. This represents a change of +66.7% from what the company reported a year ago. Capital City Bank currently has a Zacks Rank of #3 (Hold).
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Stellar Bancorp (STEL) Stock Jumps 5.2%: Will It Continue to Soar?
Stellar Bancorp (STEL - Free Report) shares ended the last trading session 5.2% higher at $25.72. 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 10.6% gain over the past four weeks.
With the market participants expecting the Federal Reserve to keep the interest rates unchanged following this month’s FOMC meeting, investor sentiments turned bullish on the bank stocks. As the Fed raised the rates at faster pace, it led to the ongoing banking crisis. Hence, an expected pause in the interest rate hikes will support banks’ financials. This optimistic stance drove STEL stock higher.
This bank holding company is expected to post quarterly earnings of $0.69 per share in its upcoming report, which represents a year-over-year change of +43.8%. Revenues are expected to be $116.87 million, up 204.2% 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 Stellar 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 STEL 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 >>>>
Stellar Bancorp is a member of the Zacks Banks - Southeast industry. One other stock in the same industry, Capital City Bank (CCBG - Free Report) , finished the last trading session 3.9% higher at $32.18. CCBG has returned 5.1% over the past month.
For Capital City Bank, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.85. This represents a change of +66.7% from what the company reported a year ago. Capital City Bank currently has a Zacks Rank of #3 (Hold).