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First Guaranty Bancshares (FGBI) Soars 10.6%: Is Further Upside Left in the Stock?
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First Guaranty Bancshares (FGBI - Free Report) shares rallied 10.6% in the last trading session to close at $11.23. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.9% loss over the past four weeks.
First Guaranty Bancshares reported better-than-expected first quarter 2024 results. The company’s earnings of 14 cents per share outpaced the Zacks Consensus Estimate of 10 cents.
The results benefited from robust year over-year growth in loans and deposit balance and lower non-interest expenses. Yet, weakness in top line mainly because of decline in net interest income and a drastic rise in provision for credit losses were the headwinds.
This bank holding company is expected to post quarterly earnings of $0.10 per share in its upcoming report, which represents a year-over-year change of -63%. Revenues are expected to be $23.72 million, down 5.2% 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 First Guaranty Bancshares, the consensus EPS estimate for the quarter has been revised 31% 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 FGBI going forward to see if this recent jump can turn into more strength down the road.
First Guaranty Bancshares is part of the Zacks Banks - Southeast industry. National Bankshares (NKSH - Free Report) , another stock in the same industry, closed the last trading session 1.3% lower at $26.81. NKSH has returned -21.5% in the past month.
For National Bankshares, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.43. This represents a change of -44.2% from what the company reported a year ago. National Bankshares currently has a Zacks Rank of #3 (Hold).
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First Guaranty Bancshares (FGBI) Soars 10.6%: Is Further Upside Left in the Stock?
First Guaranty Bancshares (FGBI - Free Report) shares rallied 10.6% in the last trading session to close at $11.23. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.9% loss over the past four weeks.
First Guaranty Bancshares reported better-than-expected first quarter 2024 results. The company’s earnings of 14 cents per share outpaced the Zacks Consensus Estimate of 10 cents.
The results benefited from robust year over-year growth in loans and deposit balance and lower non-interest expenses. Yet, weakness in top line mainly because of decline in net interest income and a drastic rise in provision for credit losses were the headwinds.
This bank holding company is expected to post quarterly earnings of $0.10 per share in its upcoming report, which represents a year-over-year change of -63%. Revenues are expected to be $23.72 million, down 5.2% 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 First Guaranty Bancshares, the consensus EPS estimate for the quarter has been revised 31% 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 FGBI 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 >>>>
First Guaranty Bancshares is part of the Zacks Banks - Southeast industry. National Bankshares (NKSH - Free Report) , another stock in the same industry, closed the last trading session 1.3% lower at $26.81. NKSH has returned -21.5% in the past month.
For National Bankshares, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.43. This represents a change of -44.2% from what the company reported a year ago. National Bankshares currently has a Zacks Rank of #3 (Hold).