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OceanFirst (OCFC) Soars 7.4%: Is Further Upside Left in the Stock?
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OceanFirst Financial (OCFC - Free Report) shares rallied 7.4% in the last trading session to close at $19.40. 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 26.3% loss over the past four weeks.
Yesterday, the U.S. consumer inflation for February was reported at 6%, slightly lower than January’s 6.4%. This and bank failures stemming from higher rates affecting the financial health of U.S. regional banks have likely increased investors’ confidence that the Federal Reserve may go slow with its hikes in the upcoming March meeting. After the sudden collapse of SVB Financial and Signature Bank, broader markets and bank stocks rebounded as investors’ sentiments settled down, supported by reassuring moves undertaken by government agencies. This drove the OceanFirst Financial’s stock higher.
This holding company for OceanFirst Bank is expected to post quarterly earnings of $0.67 per share in its upcoming report, which represents a year-over-year change of +36.7%. Revenues are expected to be $118 million, up 26.8% 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 OceanFirst, 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 OCFC going forward to see if this recent jump can turn into more strength down the road.
OceanFirst is part of the Zacks Financial - Savings and Loan industry. Northwest Bancshares (NWBI - Free Report) , another stock in the same industry, closed the last trading session 0.9% higher at $12.97. NWBI has returned -9.6% in the past month.
For Northwest Bancshares, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.29. This represents a change of +31.8% from what the company reported a year ago. Northwest Bancshares currently has a Zacks Rank of #3 (Hold).
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OceanFirst (OCFC) Soars 7.4%: Is Further Upside Left in the Stock?
OceanFirst Financial (OCFC - Free Report) shares rallied 7.4% in the last trading session to close at $19.40. 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 26.3% loss over the past four weeks.
Yesterday, the U.S. consumer inflation for February was reported at 6%, slightly lower than January’s 6.4%. This and bank failures stemming from higher rates affecting the financial health of U.S. regional banks have likely increased investors’ confidence that the Federal Reserve may go slow with its hikes in the upcoming March meeting. After the sudden collapse of SVB Financial and Signature Bank, broader markets and bank stocks rebounded as investors’ sentiments settled down, supported by reassuring moves undertaken by government agencies. This drove the OceanFirst Financial’s stock higher.
This holding company for OceanFirst Bank is expected to post quarterly earnings of $0.67 per share in its upcoming report, which represents a year-over-year change of +36.7%. Revenues are expected to be $118 million, up 26.8% 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 OceanFirst, 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 OCFC 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 >>>>
OceanFirst is part of the Zacks Financial - Savings and Loan industry. Northwest Bancshares (NWBI - Free Report) , another stock in the same industry, closed the last trading session 0.9% higher at $12.97. NWBI has returned -9.6% in the past month.
For Northwest Bancshares, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.29. This represents a change of +31.8% from what the company reported a year ago. Northwest Bancshares currently has a Zacks Rank of #3 (Hold).