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ACNB (ACNB) Soars 8.2%: Is Further Upside Left in the Stock?
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ACNB (ACNB - Free Report) shares ended the last trading session 8.2% higher at $45.04. 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 8% gain over the past four weeks.
Shares of ACNB rallied for the third consecutive day and touched a 52-week high of $45.34. The Federal Reserve has signaled end of the current rate cycle and kept the interest rates unchanged at 22-year high of 5.25-5.5% at the end of two-day FOMC meeting. The central bank also indicated three interest rate cuts by 2024-end.
These favorable developments turned investor sentiments bullish on bank stocks as high funding costs being faced by the industry players will somewhat come down next year. This will support net interest income and margin growth. Hence, the ACNB stock moved higher.
This bank is expected to post quarterly earnings of $0.96 per share in its upcoming report, which represents a year-over-year change of -20%. Revenues are expected to be $27.75 million, down 5.8% 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 ACNB, 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 ACNB going forward to see if this recent jump can turn into more strength down the road.
ACNB is a member of the Zacks Banks - Southwest industry. One other stock in the same industry, California Bank of Commerce (CALB - Free Report) , finished the last trading session 1.2% higher at $24.84. CALB has returned 7.9% over the past month.
California Bank of Commerce's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.63. Compared to the company's year-ago EPS, this represents a change of -30.8%. California Bank of Commerce currently boasts a Zacks Rank of #3 (Hold).
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ACNB (ACNB) Soars 8.2%: Is Further Upside Left in the Stock?
ACNB (ACNB - Free Report) shares ended the last trading session 8.2% higher at $45.04. 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 8% gain over the past four weeks.
Shares of ACNB rallied for the third consecutive day and touched a 52-week high of $45.34. The Federal Reserve has signaled end of the current rate cycle and kept the interest rates unchanged at 22-year high of 5.25-5.5% at the end of two-day FOMC meeting. The central bank also indicated three interest rate cuts by 2024-end.
These favorable developments turned investor sentiments bullish on bank stocks as high funding costs being faced by the industry players will somewhat come down next year. This will support net interest income and margin growth. Hence, the ACNB stock moved higher.
This bank is expected to post quarterly earnings of $0.96 per share in its upcoming report, which represents a year-over-year change of -20%. Revenues are expected to be $27.75 million, down 5.8% 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 ACNB, 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 ACNB 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 >>>>
ACNB is a member of the Zacks Banks - Southwest industry. One other stock in the same industry, California Bank of Commerce (CALB - Free Report) , finished the last trading session 1.2% higher at $24.84. CALB has returned 7.9% over the past month.
California Bank of Commerce's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.63. Compared to the company's year-ago EPS, this represents a change of -30.8%. California Bank of Commerce currently boasts a Zacks Rank of #3 (Hold).