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Strength Seen in Princeton Bancorp (BPRN): Can Its 6.6% Jump Turn into More Strength?
Princeton Bancorp (BPRN - Free Report) shares soared 6.6% in the last trading session to close at $26.49. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.2% loss over the past four weeks.
Following the after effects of the banking sector turmoil in the first quarter of this year, investors seem to have been regaining confidence in the sector. Princeton Bancorp has witnessed a rise in share price for the second consecutive day. Investors seem to have been turning optimistic after the passing of the bill to raise the debt ceiling. Moreover, while consumer spending has been slowing, it is still stronger than what was expected if we headed straight into recession. These developments probably drove the BPRN stock higher in last day’s trading session.
This bank is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of -69.4%. Revenues are expected to be $18.73 million, up 7.6% 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 Princeton 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 BPRN 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 >>>>
Princeton Bancorp is a member of the Zacks Banks - Northeast industry. One other stock in the same industry, HarborOne Bancorp (HONE - Free Report) , finished the last trading session 6.6% higher at $8.93. HONE has returned 3.1% over the past month.
For HarborOne Bancorp, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.17. This represents a change of -19.1% from what the company reported a year ago. HarborOne Bancorp currently has a Zacks Rank of #4 (Sell).