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Strength Seen in Hanmi Financial (HAFC): Can Its 6.3% Jump Turn into More Strength?
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Hanmi Financial (HAFC - Free Report) shares rallied 6.3% in the last trading session to close at $19.23. 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 17.9% gain over the past four weeks.
Shares of Hanmi Financial rallied for the seventh straight trading session. Encouraging inflation numbers and cooling employment data have increased the chances of the Federal Reserve cutting the interest rates as early as during the September FOMC meeting. As the rates come down, banks’ funding costs will stabilize or move lower eventually. Also, demand for loans is expected to improve. Hence, the investors turned bullish on banking sector stocks, driving HAFC higher.
This bank holding company is expected to post quarterly earnings of $0.48 per share in its upcoming report, which represents a year-over-year change of -28.4%. Revenues are expected to be $59.07 million, down 6.8% 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 Hanmi Financial, 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 HAFC going forward to see if this recent jump can turn into more strength down the road.
Hanmi Financial is part of the Zacks Banks - West industry. Bank of Marin (BMRC - Free Report) , another stock in the same industry, closed the last trading session 5.6% higher at $21.17. BMRC has returned 35% in the past month.
Bank of Marin's consensus EPS estimate for the upcoming report has changed +31.9% over the past month to $0.19. Compared to the company's year-ago EPS, this represents a change of -32.1%. Bank of Marin currently boasts a Zacks Rank of #1 (Strong Buy).
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Strength Seen in Hanmi Financial (HAFC): Can Its 6.3% Jump Turn into More Strength?
Hanmi Financial (HAFC - Free Report) shares rallied 6.3% in the last trading session to close at $19.23. 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 17.9% gain over the past four weeks.
Shares of Hanmi Financial rallied for the seventh straight trading session. Encouraging inflation numbers and cooling employment data have increased the chances of the Federal Reserve cutting the interest rates as early as during the September FOMC meeting. As the rates come down, banks’ funding costs will stabilize or move lower eventually. Also, demand for loans is expected to improve. Hence, the investors turned bullish on banking sector stocks, driving HAFC higher.
This bank holding company is expected to post quarterly earnings of $0.48 per share in its upcoming report, which represents a year-over-year change of -28.4%. Revenues are expected to be $59.07 million, down 6.8% 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 Hanmi Financial, 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 HAFC 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 >>>>
Hanmi Financial is part of the Zacks Banks - West industry. Bank of Marin (BMRC - Free Report) , another stock in the same industry, closed the last trading session 5.6% higher at $21.17. BMRC has returned 35% in the past month.
Bank of Marin's consensus EPS estimate for the upcoming report has changed +31.9% over the past month to $0.19. Compared to the company's year-ago EPS, this represents a change of -32.1%. Bank of Marin currently boasts a Zacks Rank of #1 (Strong Buy).