Bar Harbor (BHB) Soars 6.7%: Is Further Upside Left in the Stock?
Bar Harbor Bankshares (BHB) shares rallied 6.7% in the last trading session to close at $27.96. 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 14.3% gain over the past four weeks.
Bar Harbor Bankshares stock rallied for the second consecutive day. With the market participants expecting the Federal Reserve to keep the interest rates unchanged following this month’s FOMC meeting, investor sentiments turned bullish on the bank stocks. As the Fed raised the rates at faster pace, it led to the ongoing banking crisis. Hence, an expected pause in the interest rate hikes will support banks’ financials. This optimistic stance drove BHB stock higher.
This bank is expected to post quarterly earnings of $0.69 per share in its upcoming report, which represents a year-over-year change of -1.4%. Revenues are expected to be $38.9 million, up 9.6% 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 Bar Harbor, 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 BHB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Bar Harbor is part of the Zacks Banks - Northeast industry. Unity Bancorp (UNTY), another stock in the same industry, closed the last trading session 2.5% higher at $24.33. UNTY has returned 10.9% in the past month.
For Unity Bancorp , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.89. This represents a change of +1.1% from what the company reported a year ago. Unity Bancorp currently has a Zacks Rank of #3 (Hold).
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Bar Harbor Bankshares, Inc. (BHB) : Free Stock Analysis Report
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