Silvercrest (SAMG) Soars 6.3%: Is Further Upside Left in the Stock?
Silvercrest SAMG shares soared 6.3% in the last trading session to close at $22.39. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 0.8% gain over the past four weeks.
The share price of Silvercrest gained for the fourth consecutive trading day. Moreover, the stock touched a new 52-week high in last day’s trading session. With the Federal Reserve pausing interest rate hikes in June, financial firms including asset managers have been in the spotlight. Moreover, cooling inflation is expected to result in better days for the finance sector. This optimism probably drove the SAMG stock higher.
This investment company is expected to post quarterly earnings of $0.37 per share in its upcoming report, which represents a year-over-year change of -5.1%. Revenues are expected to be $29.97 million, down 6.9% 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 Silvercrest, the consensus EPS estimate for the quarter has been revised 1.3% 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 SAMG 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 >>>>
Silvercrest is a member of the Zacks Financial - Investment Management industry. One other stock in the same industry, Monroe Capital MRCC, finished the last trading session 0.8% higher at $8.57. MRCC has returned 5.2% over the past month.
For Monroe Capital , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.28. This represents a change of +12% from what the company reported a year ago. Monroe Capital currently has a Zacks Rank of #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Silvercrest Asset Management Group Inc. (SAMG) : Free Stock Analysis Report
Monroe Capital Corporation (MRCC) : Free Stock Analysis Report
