Amerant Bancorp Inc. (AMTB) Soars 6.3%: Is Further Upside Left in the Stock?
Amerant Bancorp Inc. (AMTB) shares ended the last trading session 6.3% higher at $23.01. 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 13.5% gain over the past four weeks.
The stock extended its rally for the third consecutive day. Growing investor optimism surrounding the expectation of an accelerated recovery of the economy drove the stock higher. The optimistic sentiments can be attributable to the steepening of the yield curve, the extensive vaccination drive, additional government spending and favorable economic data.
Price and Consensus
This company is expected to post quarterly earnings of $0.37 per share in its upcoming report, which represents a year-over-year change of +208.8%. Revenues are expected to be $61.64 million, down 6.7% 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 Amerant Bancorp Inc., the consensus EPS estimate for the quarter has been revised 40.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on AMTB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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