Banc of California BANC shares ended the last trading session 8% higher at $13.03. 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 9.3% loss over the past four weeks.
Banc of California stock rallied, driven by a massive jump in the broad markets. The jump was attributable to President Donald Trump’s announcement of a 90-day tariff pause for the non-retaliating nations. This cheered the investors, driving the BANC stock higher.
This banking service and lending company is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of +26.3%. Revenues are expected to be $272.46 million, down 0.2% 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 Banc of California, 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 BANC 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 >>>>
Banc of California is part of the Zacks Banks - Southwest industry. BancFirst BANF, another stock in the same industry, closed the last trading session 6.1% higher at $108.29. BANF has returned -5.9% in the past month.
BancFirst's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.58. Compared to the company's year-ago EPS, this represents a change of +5.3%. BancFirst currently boasts a Zacks Rank of #4 (Sell).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Banc of California, Inc. (BANC): Free Stock Analysis Report BancFirst Corporation (BANF): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
