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Glacier Bancorp (GBCI) Moves 5.7% Higher: Will This Strength Last?
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Glacier Bancorp (GBCI - Free Report) shares soared 5.7% in the last trading session to close at $39.81. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.6% gain over the past four weeks.
Shares of Glacier Bancorp rallied for the third straight trading session. With the Federal Reserve keeping an eye on unemployment reports and cooling inflation numbers, market participants are projecting interest rate cuts as early as during the September FOMC meeting. Thus, this is a positive development for banks that are already reeling under the Fed’s aggressive monetary tightening. As the rates come down, so will banks’ funding costs. Hence, the investors turned bullish on banking sector stocks, driving GBCI higher.
This bank holding company is expected to post quarterly earnings of $0.38 per share in its upcoming report, which represents a year-over-year change of -24%. Revenues are expected to be $204.43 million, up 1.7% 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 Glacier Bancorp, the consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on GBCI going forward to see if this recent jump can turn into more strength down the road.
Glacier Bancorp belongs to the Zacks Banks - West industry. Another stock from the same industry, Preferred Bank (PFBC - Free Report) , closed the last trading session 1.3% higher at $75.81. Over the past month, PFBC has returned 1.4%.
For Preferred Bank, the consensus EPS estimate for the upcoming report has changed -1.2% over the past month to $2.39. This represents a change of -8.4% from what the company reported a year ago. Preferred Bank currently has a Zacks Rank of #4 (Sell).
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Glacier Bancorp (GBCI) Moves 5.7% Higher: Will This Strength Last?
Glacier Bancorp (GBCI - Free Report) shares soared 5.7% in the last trading session to close at $39.81. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.6% gain over the past four weeks.
Shares of Glacier Bancorp rallied for the third straight trading session. With the Federal Reserve keeping an eye on unemployment reports and cooling inflation numbers, market participants are projecting interest rate cuts as early as during the September FOMC meeting. Thus, this is a positive development for banks that are already reeling under the Fed’s aggressive monetary tightening. As the rates come down, so will banks’ funding costs. Hence, the investors turned bullish on banking sector stocks, driving GBCI higher.
This bank holding company is expected to post quarterly earnings of $0.38 per share in its upcoming report, which represents a year-over-year change of -24%. Revenues are expected to be $204.43 million, up 1.7% 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 Glacier Bancorp, the consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on GBCI 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 >>>>
Glacier Bancorp belongs to the Zacks Banks - West industry. Another stock from the same industry, Preferred Bank (PFBC - Free Report) , closed the last trading session 1.3% higher at $75.81. Over the past month, PFBC has returned 1.4%.
For Preferred Bank, the consensus EPS estimate for the upcoming report has changed -1.2% over the past month to $2.39. This represents a change of -8.4% from what the company reported a year ago. Preferred Bank currently has a Zacks Rank of #4 (Sell).