Midland States Bancorp (MSBI) Moves 5.2% Higher: Will This Strength Last?
Midland States Bancorp (MSBI) shares rallied 5.2% in the last trading session to close at $25.55. 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 1.5% loss over the past four weeks.
Midland States Bancorp witnessed a rise in share price for the fourth consecutive day. The performance of banks is expected improve on rising interest rates and decent loan demand. The Federal Reserve is expected to hike the interest rates again by 75 basis points (bps) next month (having already increased the rates by 300 bps so far this year) as the inflation continues to be stubborn. This, thus, led to bullish investor sentiments, which drove MSBI stock higher.
This company is expected to post quarterly earnings of $1.01 per share in its upcoming report, which represents a year-over-year change of +17.4%. Revenues are expected to be $78.85 million, up 18.5% 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 Midland States Bancorp, 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 MSBI 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 >>>>
Midland States Bancorp belongs to the Zacks Banks - Northeast industry. Another stock from the same industry, Capital Bancorp (CBNK), closed the last trading session 4.2% higher at $24.94. Over the past month, CBNK has returned -0.6%.
For Capital Bancorp , the consensus EPS estimate for the upcoming report has changed +12.5% over the past month to $0.71. This represents a change of +4.4% from what the company reported a year ago. Capital Bancorp currently has a Zacks Rank of #2 (Buy).
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