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Meta Financial Hits New 52-Week High

Zacks Equity Research

Shares of Meta Financial Group, Inc. (CASH) achieved a new 52-week high, touching $32.95 on Aug 12, 2013. The closing price of this bank holding company reflects a robust year-to-date return of 44.4%. The trading volume for the session was 0.2 million shares.

Despite the strong price appreciation, this Zacks Rank #2 (Buy) stock has plenty of upside left due to its strong estimate revisions.

Growth Drivers

Impressive fiscal third-quarter 2013 results comprising a positive earnings surprise of 32.0%, improving loan and deposit balances, strong capital position and enhanced credit quality were the primary growth drivers for Meta Financial.
On Aug 6, Meta Financial reported fiscal third-quarter earnings per share of 66 cents, surpassing the Zacks Consensus Estimate by 16 cents. Moreover, earnings were in line with the prior-year quarter figure.
The better-than-expected results were primarily driven by increased revenues resulting from higher net interest income and lower operating expenses, partially offset by declining non-interest income.

Additionally, Meta Financial has delivered positive earnings surprises in all the past 4 quarters with an average beat of 18.8%.

Estimate Revisions

For 2013, the Zacks Consensus Estimate moved north by 5.8% to $2.37 per share over the last 30 days, based on both the estimates being revised upwards. For 2014, the Zacks Consensus Estimate inched up 2.3% to $2.69 per share over the same time period.

Other better performing banks include Banner Corporation (BANR), Provident Financial Holdings, Inc. (PROV) and Washington Federal Inc. (WAFD). All of them carry a Zacks Rank #1 (Strong Buy).

Read the Full Research Report on WAFD

Read the Full Research Report on CASH

Read the Full Research Report on PROV

Read the Full Research Report on BANR

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