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Orrstown (ORRF) Soars 5.7%: Is Further Upside Left in the Stock?
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Orrstown Financial Services (ORRF - Free Report) shares soared 5.7% in the last trading session to close at $20.87. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 15.5% loss over the past four weeks.
With the chances of the Federal Reserve hiking interest rates at this month’s FOMC meeting gradually coming down, investors are regaining confidence on banking stocks. Thus, investors turned bullish, driving the ORRF stock higher.
This holding company for Orrstown Bank is expected to post quarterly earnings of $0.82 per share in its upcoming report, which represents a year-over-year change of +9.3%. Revenues are expected to be $32.38 million, up 2.8% 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 Orrstown, 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 ORRF going forward to see if this recent jump can turn into more strength down the road.
Orrstown is a member of the Zacks Banks - Northeast industry. One other stock in the same industry, BCB Bancorp (BCBP - Free Report) , finished the last trading session 0.3% higher at $11.82. BCBP has returned -4.2% over the past month.
BCB Bancorp's consensus EPS estimate for the upcoming report has changed +1% over the past month to $0.50. Compared to the company's year-ago EPS, this represents a change of -34.2%. BCB Bancorp currently boasts a Zacks Rank of #5 (Strong Sell).
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Orrstown (ORRF) Soars 5.7%: Is Further Upside Left in the Stock?
Orrstown Financial Services (ORRF - Free Report) shares soared 5.7% in the last trading session to close at $20.87. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 15.5% loss over the past four weeks.
With the chances of the Federal Reserve hiking interest rates at this month’s FOMC meeting gradually coming down, investors are regaining confidence on banking stocks. Thus, investors turned bullish, driving the ORRF stock higher.
This holding company for Orrstown Bank is expected to post quarterly earnings of $0.82 per share in its upcoming report, which represents a year-over-year change of +9.3%. Revenues are expected to be $32.38 million, up 2.8% 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 Orrstown, 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 ORRF going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Orrstown is a member of the Zacks Banks - Northeast industry. One other stock in the same industry, BCB Bancorp (BCBP - Free Report) , finished the last trading session 0.3% higher at $11.82. BCBP has returned -4.2% over the past month.
BCB Bancorp's consensus EPS estimate for the upcoming report has changed +1% over the past month to $0.50. Compared to the company's year-ago EPS, this represents a change of -34.2%. BCB Bancorp currently boasts a Zacks Rank of #5 (Strong Sell).