Western New England Bancorp WNEB shares rallied 6.8% in the last trading session to close at $8.49. 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 9.8% loss over the past four weeks.
The increased investor optimism in the stock can be attributed to President Donald Trump’s recent announcement to put a 90-day pause on the reciprocal tariff for most countries.
This bank holding company is expected to post quarterly earnings of $0.12 per share in its upcoming report, which represents a year-over-year change of -14.3%. Revenues are expected to be $18.53 million, up 2.8% 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 Western New England 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 WNEB 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 >>>>
Western New England Bancorp is a member of the Zacks Banks - Foreign industry. One other stock in the same industry, Societe Generale Group SCGLY, finished the last trading session 14.9% higher at $8.48. SCGLY has returned -15.6% over the past month.
For Societe Generale Group
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Societe Generale Group (SCGLY): Free Stock Analysis Report Western New England Bancorp (WNEB): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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