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Business First (BFST) Moves 5.3% Higher: Will This Strength Last?
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Business First (BFST - Free Report) shares soared 5.3% in the last trading session to close at $17.15. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.9% gain over the past four weeks.
Shares of Business First rallied for the second consecutive day. With the Federal Reserve pausing interest rate hikes, investors are gradually turning bullish on the banking stocks. This optimistic stance drove the BFST stock higher.
This company is expected to post quarterly earnings of $0.54 per share in its upcoming report, which represents a year-over-year change of -15.6%. Revenues are expected to be $60.67 million, up 7.2% 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 Business First, 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 BFST going forward to see if this recent jump can turn into more strength down the road.
Business First belongs to the Zacks Banks - Northeast industry. Another stock from the same industry, Lakeland Bancorp (LBAI - Free Report) , closed the last trading session 2.3% lower at $14.73. Over the past month, LBAI has returned 12.9%.
Lakeland Bancorp's consensus EPS estimate for the upcoming report has changed -2.9% over the past month to $0.45. Compared to the company's year-ago EPS, this represents a change of +2.3%. Lakeland Bancorp currently boasts a Zacks Rank of #5 (Strong Sell).
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Business First (BFST) Moves 5.3% Higher: Will This Strength Last?
Business First (BFST - Free Report) shares soared 5.3% in the last trading session to close at $17.15. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.9% gain over the past four weeks.
Shares of Business First rallied for the second consecutive day. With the Federal Reserve pausing interest rate hikes, investors are gradually turning bullish on the banking stocks. This optimistic stance drove the BFST stock higher.
This company is expected to post quarterly earnings of $0.54 per share in its upcoming report, which represents a year-over-year change of -15.6%. Revenues are expected to be $60.67 million, up 7.2% 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 Business First, 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 BFST 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 >>>>
Business First belongs to the Zacks Banks - Northeast industry. Another stock from the same industry, Lakeland Bancorp (LBAI - Free Report) , closed the last trading session 2.3% lower at $14.73. Over the past month, LBAI has returned 12.9%.
Lakeland Bancorp's consensus EPS estimate for the upcoming report has changed -2.9% over the past month to $0.45. Compared to the company's year-ago EPS, this represents a change of +2.3%. Lakeland Bancorp currently boasts a Zacks Rank of #5 (Strong Sell).