Strength Seen in Riverview Bancorp (RVSB): Can Its 5.7% Jump Turn into More Strength?
Riverview Bancorp (RVSB) shares ended the last trading session 5.7% higher at $5.55. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 5.1% gain over the past four weeks.
With companies reporting second-quarter earnings, bank stocks have been in the spotlight. With the economy and consumer spending seeming on a decent footing, the Federal Reserve pausing interest rate hikes in June and expectations of cooling inflation, investors became bullish on bank stocks. This, along with cheap bank valuations, has likely driven Riverview Bancorp’s stock.
This holding company for Riverview Community Bank is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -38.1%. Revenues are expected to be $13.8 million, down 12.6% 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 Riverview 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 RVSB 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 >>>>
Riverview Bancorp is part of the Zacks Financial - Savings and Loan industry. Flushing Financial (FFIC), another stock in the same industry, closed the last trading session 3.6% higher at $13.92. FFIC has returned -1.8% in the past month.
Flushing Financial's consensus EPS estimate for the upcoming report has changed -29.4% over the past month to $0.19. Compared to the company's year-ago EPS, this represents a change of -72.9%. Flushing Financial currently boasts a Zacks Rank of #4 (Sell).
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Riverview Bancorp Inc (RVSB) : Free Stock Analysis Report
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