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Middlefield Banc (MBCN) Moves 15.4% Higher: Will This Strength Last?
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Middlefield Banc Corp. (MBCN - Free Report) shares ended the last trading session 15.4% higher at $33.35. 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 4.5% loss over the past four weeks.
On Friday, during his speech at Jackson Hole, Federal Reserve Chair Jerome Powell signaled that a rate cut could come as early as September, citing rising risks in the labor market and easing inflation pressures. This marks a shift from the Fed’s “higher-for-longer” stance to a more flexible approach. The banking industry responded positively to the development, as this will help bring down funding/deposit costs and improve the lending scenario. Thus, as investors turned positive toward the industry, MBCN stock edged higher.
This company is expected to post quarterly earnings of $0.64 per share in its upcoming report, which represents a year-over-year change of +120.7%. Revenues are expected to be $19.7 million, up 17.1% 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 Middlefield Banc, the consensus EPS estimate for the quarter has been revised 17.4% 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 MBCN going forward to see if this recent jump can turn into more strength down the road.
Middlefield Banc is part of the Zacks Banks - Northeast industry. Metropolitan Bank Holding Corp. (MCB - Free Report) , another stock in the same industry, closed the last trading session 5.8% higher at $76.92. MCB has returned -2.1% in the past month.
Metropolitan Bank Holding's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.95. Compared to the company's year-ago EPS, this represents a change of +4.8%. Metropolitan Bank Holding currently boasts a Zacks Rank of #2 (Buy).
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Middlefield Banc (MBCN) Moves 15.4% Higher: Will This Strength Last?
Middlefield Banc Corp. (MBCN - Free Report) shares ended the last trading session 15.4% higher at $33.35. 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 4.5% loss over the past four weeks.
On Friday, during his speech at Jackson Hole, Federal Reserve Chair Jerome Powell signaled that a rate cut could come as early as September, citing rising risks in the labor market and easing inflation pressures. This marks a shift from the Fed’s “higher-for-longer” stance to a more flexible approach. The banking industry responded positively to the development, as this will help bring down funding/deposit costs and improve the lending scenario. Thus, as investors turned positive toward the industry, MBCN stock edged higher.
This company is expected to post quarterly earnings of $0.64 per share in its upcoming report, which represents a year-over-year change of +120.7%. Revenues are expected to be $19.7 million, up 17.1% 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 Middlefield Banc, the consensus EPS estimate for the quarter has been revised 17.4% 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 MBCN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Middlefield Banc is part of the Zacks Banks - Northeast industry. Metropolitan Bank Holding Corp. (MCB - Free Report) , another stock in the same industry, closed the last trading session 5.8% higher at $76.92. MCB has returned -2.1% in the past month.
Metropolitan Bank Holding's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.95. Compared to the company's year-ago EPS, this represents a change of +4.8%. Metropolitan Bank Holding currently boasts a Zacks Rank of #2 (Buy).