Former second Bancorp (OSBC – Free Report) shares climbed 8% in the last trading session to close at $14.72. The move was supported by solid volume with significantly more shares changing hands than in a normal session. That compares to the stock’s 6.5% loss over the past four weeks.
Old Second Bancorp saw its stock price rise for the second day in a row and hit a new 52-week high of $14.95. So far, banks have performed decently in the first quarter of 2022, which should improve further thanks to higher interest rates. Last week, the Federal Reserve raised interest rates by 25 basis points and signaled six more hikes this year. This therefore led to bullish investor sentiments, which drove Old Second Bancorp stock higher.
This financial holding company is expected to post quarterly earnings of $0.24 per share in its next report, representing a year-over-year change of -17.2%. Revenue is expected to be $53.1 million, up 52.4% from the prior year quarter.
While earnings and revenue growth expectations are important in gauging a stock’s potential strength, empirical research shows a strong correlation between trends in earnings estimate revisions and short-term stock price movements. term.
For Old Second Bancorp, the consensus EPS estimate for the quarter was revised up 2.1% in the past 30 days from the current level. And a positive trend in the revision of earnings estimates usually results in price appreciation. So be sure to keep an eye on OSBC to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks rank of No. 3 (Hold). You can see the full list of today’s Zacks Rank #1 (Strong Buy) stocks here >>>>
Old Second Bancorp is an industry member Zacks Banks – Midwest. Another stock in the same sector, Former National Bank (ONB – Free Report), ended the last trading session up 0.3% at $17.27. ONB has returned -5.9% over the past month.
For the former national bank