Peapack-Gladstone PGC shares ended the last trading session 6% higher at $26.52. 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 11.8% loss over the past four weeks.
Peapack-Gladstone stock rallied, fueled by a massive jump in the broad markets. The jump was driven by President Donald Trump’s announcement of a 90-day tariff pause for the non-retaliating nations. This cheered the investors, driving the PGC stock higher.
This bank holding company is expected to post quarterly earnings of $0.54 per share in its upcoming report, which represents a year-over-year change of +12.5%. Revenues are expected to be $63.4 million, up 19.4% 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 Peapack-Gladstone, 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 PGC 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 >>>>
Peapack-Gladstone is part of the Zacks Banks - Northeast industry. Midland States Bancorp MSBI, another stock in the same industry, closed the last trading session 4.8% higher at $16.46. MSBI has returned -13.8% in the past month.
Midland States Bancorp's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.52. Compared to the company's year-ago EPS, this represents a change of -1.9%. Midland States Bancorp currently boasts a Zacks Rank of #5 (Strong Sell).
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This article originally published on Zacks Investment Research (zacks.com).
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