Shares of Wilshire Bancorp Inc. (WIBC) crafted a new 52-week high, touching $9.05 at the beginning of the trading session on Aug 7. The closing price of this financial products and services provider represents a solid year-to-date return of 42.2%. The trading volume for the session was 0.6 million shares.
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 and expected long-term earnings growth of 8.0%.
Impressive second-quarter 2013 results – including a positive earnings surprise of 6.7%, reinstatement of dividend and a strong capital position – as well as the announcement of the acquisition of N.J.-based BankAsiana and Los Angeles-based Saehan Bancorp were the primary growth drivers for Wilshire Bancorp.
On Jul 22, Wilshire Bancorp reported its second-quarter earnings per share of 16 cents, surpassing the Zacks Consensus Estimate by a penny. However, the reported earnings lagged the prior-year quarter’s earnings of 31 cents per share.
Amid challenging global markets, better-than-expected results for Wilshire Bancorp were driven by higher net interest income and reduced non-interest expenses. Moreover, no credit for losses on loans and loan commitments were recorded by the company.
During the quarter, Wilshire Bancorp reinstated its quarterly common stock dividend of 3 cents per share. The dividend was paid on Jul 15, 2013 to shareholders of record as of Jun 30, 2013.
Additionally, Wilshire Bancorp has now delivered positive earnings surprises in the last 4 quarters with an average beat of 43.9%.
Estimate Revisions Show Potency
Over the last 30 days, the Zacks Consensus Estimate for 2013 increased by 4.8% to 65 cents per share, as 2 of the 5 estimates moved north. For 2014, the Zacks Consensus Estimate advanced 5.9% to 72 cents per share, on the back of upward revisions of 3 of the 5 estimates.
Some better performing banks include Glacier Bancorp Inc. (GBCI), Umpqua Holdings Corporation (UMPQ) and Preferred Bank (PFBC). All these carry a Zacks Rank #1 (Strong Buy).
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