Mid Penn Bancorp (MPB) Stock Jumps 5.5%: Will It Continue to Soar?
Mid Penn Bancorp MPB shares rallied 5.5% in the last trading session to close at $32.09. 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 6.3% gain over the past four weeks.
Shares of Mid Penn Bancorp witnessed a rise for the fourth consecutive day. The performance of bank stocks is expected improve further in the quarters ahead on rising interest rates and decent improvement in loan demand. So far this year, the Federal Reserve has already raised interest rates a couple of times. The policy rate has reached 3.0-3.25%, the highest level since 2008. More such rate hikes are expected in the near term. This has probably led to the bullish investor sentiments, which drove MPB stock higher.
This company is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of -5.8%. Revenues are expected to be $40.77 million, up 25.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Mid Penn Bancorp, the consensus EPS estimate for the quarter has been revised 1.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on MPB 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 >>>>
Mid Penn Bancorp is part of the Zacks Banks - Northeast industry. Citizens Financial Services CZFS, another stock in the same industry, closed the last trading session 0.5% higher at $70.32. CZFS has returned -7.8% in the past month.
For Citizens Financial Services , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.89. This represents a change of +6.8% from what the company reported a year ago. Citizens Financial Services currently has a Zacks Rank of #3 (Hold).
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