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First Northwest Bancorp (FNWB) Soars 5.0%: Is Further Upside Left in the Stock?
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First Northwest Bancorp (FNWB - Free Report) shares soared 5% in the last trading session to close at $7.75. 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% loss over the past four weeks.
With the Federal Reserve starting an interest rate cut cycle and hinting at two more rate cuts this year, banking stocks are in the spotlight. As rates come down, banks' funding/deposit costs are expected to stabilize and the lending scenario is likely to improve. Thus, riding on investor optimism for banking stocks, FNWB moved higher.
This company is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of +178.3%. Revenues are expected to be $17.4 million, up 10.1% 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 First Northwest Bancorp, 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 FNWB going forward to see if this recent jump can turn into more strength down the road.
First Northwest Bancorp is a member of the Zacks Banks - West industry. One other stock in the same industry, Hanmi Financial (HAFC - Free Report) , finished the last trading session 1.2% higher at $25.11. HAFC has returned -1.8% over the past month.
For Hanmi Financial, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.65. This represents a change of +32.7% from what the company reported a year ago. Hanmi Financial currently has a Zacks Rank of #3 (Hold).
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First Northwest Bancorp (FNWB) Soars 5.0%: Is Further Upside Left in the Stock?
First Northwest Bancorp (FNWB - Free Report) shares soared 5% in the last trading session to close at $7.75. 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% loss over the past four weeks.
With the Federal Reserve starting an interest rate cut cycle and hinting at two more rate cuts this year, banking stocks are in the spotlight. As rates come down, banks' funding/deposit costs are expected to stabilize and the lending scenario is likely to improve. Thus, riding on investor optimism for banking stocks, FNWB moved higher.
This company is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of +178.3%. Revenues are expected to be $17.4 million, up 10.1% 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 First Northwest Bancorp, 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 FNWB 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 Northwest Bancorp is a member of the Zacks Banks - West industry. One other stock in the same industry, Hanmi Financial (HAFC - Free Report) , finished the last trading session 1.2% higher at $25.11. HAFC has returned -1.8% over the past month.
For Hanmi Financial, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.65. This represents a change of +32.7% from what the company reported a year ago. Hanmi Financial currently has a Zacks Rank of #3 (Hold).