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Strength Seen in Civista Bancshares (CIVB): Can Its 6.4% Jump Turn into More Strength?
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Civista Bancshares (CIVB - Free Report) shares soared 6.4% in the last trading session to close at $16.58. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.6% 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 CIVB stock higher.
This bank holding company is expected to post quarterly earnings of $0.75 per share in its upcoming report, which represents a year-over-year change of +41.5%. Revenues are expected to be $41.8 million, up 39.8% 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 Civista Bancshares, 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 CIVB going forward to see if this recent jump can turn into more strength down the road.
Civista Bancshares is a member of the Zacks Banks - Midwest industry. One other stock in the same industry, Mercantile Bank (MBWM - Free Report) , finished the last trading session 5.8% higher at $31.27. MBWM has returned 20.5% over the past month.
For Mercantile Bank, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.11. This represents a change of +50% from what the company reported a year ago. Mercantile Bank currently has a Zacks Rank of #3 (Hold).
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Strength Seen in Civista Bancshares (CIVB): Can Its 6.4% Jump Turn into More Strength?
Civista Bancshares (CIVB - Free Report) shares soared 6.4% in the last trading session to close at $16.58. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.6% 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 CIVB stock higher.
This bank holding company is expected to post quarterly earnings of $0.75 per share in its upcoming report, which represents a year-over-year change of +41.5%. Revenues are expected to be $41.8 million, up 39.8% 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 Civista Bancshares, 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 CIVB 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 >>>>
Civista Bancshares is a member of the Zacks Banks - Midwest industry. One other stock in the same industry, Mercantile Bank (MBWM - Free Report) , finished the last trading session 5.8% higher at $31.27. MBWM has returned 20.5% over the past month.
For Mercantile Bank, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.11. This represents a change of +50% from what the company reported a year ago. Mercantile Bank currently has a Zacks Rank of #3 (Hold).