Shares of LNB Bancorp Inc. (LNBB) crafted a new 52-week high, touching $9.95 on Aug 16, 2013. The closing price of this financial holding company represents a solid year-to-date return of 58.6%. The trading volume for the session was 15,148 shares, substantially higher than the average of 8,822 shares over the last 3 months.
Despite hitting its 52-week high, this Zacks Rank #2 (Buy) stock has plenty of upside left, given its strong estimate revisions over the last 30 days.
The impressive second-quarter 2013 results - including an earnings surprise of 5.88% - were the primary growth drivers.
On Jul 25, LNB Bancorp reported second-quarter earnings of 18 cents per share, marginally surpassing the Zacks Consensus Estimate of 17 cents. It also surpassed the prior-quarter earnings of 14 cents. Results were driven by increase in non-interest income and reduction in operating expenses, partially offset by a decline in net interest income. Moreover, improved credit quality as well as capital ratios were the other highlights for the quarter.
Moreover, LNB Bancorp has delivered positive earnings surprises in 2 of the last 4 quarters with an average beat of 5.18%.
Estimate Revisions Show Strength
Over the last 30 days, the Zacks Consensus Estimate has been revised upward by 1.5% to 69 cents per share. For 2014, the Zacks Consensus Estimate advanced 4.5% to 69 cents per share over the same time frame.
Other stocks that are also worth considering in the same industry include First Interstate Bancsystem Inc. (FIBK), Firstbank Corporation (FBMI) and PrivateBancorp, Inc. (PVTB). All these carry a Zacks Rank #1 (Strong Buy).
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