Civista Bancshares (CIVB) Stock Jumps 5.8%: Will It Continue to Soar?
Civista Bancshares (CIVB) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might help the stock continue moving higher in the near...
Civista Bancshares (CIVB) shares rallied 5.8% in the last trading session to close at $24.99. 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 2.2% gain over the past four weeks.
Civista Bancshares touched a new 52-week high of $25.47 during the second half of trading yesterday. The rally reflected bullish investor sentiments surrounding the solid performance of the banking sector. The prospect of a tighter monetary policy – increasing likelihood of a sooner-than-expected rate hike in late 2022 and asset purchase tapering in the cards – also drove the 10-year yield on the US Treasury note to 1.53% yesterday. This likely sparked investors’ interest in Civista Bancshares’ stock, given its asset-sensitive balance sheet.
This bank holding company is expected to post quarterly earnings of $0.63 per share in its upcoming report, which represents a year-over-year change of +31.3%. Revenues are expected to be $30.9 million, up 7.3% 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 Civista Bancshares, the consensus EPS estimate for the quarter has been revised 15.3% 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 CIVB 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 >>>>
Zacks’ Top Picks to Cash in on Artificial Intelligence
This world-changing technology is projected to generate $100s of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>
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
Civista Bancshares, Inc. (CIVB): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research