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Strength Seen in Primis Financial (FRST): Can Its 5.2% Jump Turn into More Strength?
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Primis Financial (FRST - Free Report) shares soared 5.2% in the last trading session to close at $10.53. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.2% gain over the past four weeks.
The impact of the eleven interest rate hikes since March 2022 (announced by the Federal Reserve) has been seen from the cooling inflation. Thus, there are expectations that the Fed will not raise rates any further this year, which is a positive for finance firms in the United States. In fact, there are chances that the Fed might cut rates next year. Hence, investor optimism over the stop in rate hikes is likely to have driven the FRST stock higher in last day’s trading session.
This holding company for Sonabank is expected to post quarterly earnings of $0.28 per share in its upcoming report, which represents a year-over-year change of +833.3%. Revenues are expected to be $36.17 million, down 10.9% 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 Primis Financial, the consensus EPS estimate for the quarter has been revised 9.8% 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 FRST going forward to see if this recent jump can turn into more strength down the road.
Primis Financial is a member of the Zacks Financial - Miscellaneous Services industry. One other stock in the same industry, Synchrony (SYF - Free Report) , finished the last trading session 4.5% higher at $33.83. SYF has returned 11.3% over the past month.
For Synchrony, the consensus EPS estimate for the upcoming report has changed +1.8% over the past month to $1.01. This represents a change of -19.8% from what the company reported a year ago. Synchrony currently has a Zacks Rank of #3 (Hold).
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Strength Seen in Primis Financial (FRST): Can Its 5.2% Jump Turn into More Strength?
Primis Financial (FRST - Free Report) shares soared 5.2% in the last trading session to close at $10.53. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.2% gain over the past four weeks.
The impact of the eleven interest rate hikes since March 2022 (announced by the Federal Reserve) has been seen from the cooling inflation. Thus, there are expectations that the Fed will not raise rates any further this year, which is a positive for finance firms in the United States. In fact, there are chances that the Fed might cut rates next year. Hence, investor optimism over the stop in rate hikes is likely to have driven the FRST stock higher in last day’s trading session.
This holding company for Sonabank is expected to post quarterly earnings of $0.28 per share in its upcoming report, which represents a year-over-year change of +833.3%. Revenues are expected to be $36.17 million, down 10.9% 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 Primis Financial, the consensus EPS estimate for the quarter has been revised 9.8% 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 FRST 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 >>>>
Primis Financial is a member of the Zacks Financial - Miscellaneous Services industry. One other stock in the same industry, Synchrony (SYF - Free Report) , finished the last trading session 4.5% higher at $33.83. SYF has returned 11.3% over the past month.
For Synchrony, the consensus EPS estimate for the upcoming report has changed +1.8% over the past month to $1.01. This represents a change of -19.8% from what the company reported a year ago. Synchrony currently has a Zacks Rank of #3 (Hold).