South Atlantic Bancshares, Inc. (SABK) shares rallied 5.3% in the last trading session to close at $26.05. 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 3.5% gain over the past four weeks.
Shares of South Atlantic Bancshares have rallied over the past three trading sessions, touching a new 52-week high on Friday. The gains were likely driven by favorable broader market sentiment, which lifted investor appetite for the SABK stock.
This company is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of +20.8%. Revenues are expected to be $16.6 million, up 9.7% 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 South Atlantic Bancshares, 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 SABK 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 >>>>
South Atlantic Bancshares belongs to the Zacks Banks - Southeast industry. Another stock from the same industry, First Bancorp (FBNC), closed the last trading session 0.3% higher at $58.83. Over the past month, FBNC has returned 1.6%.
First Bancorp's consensus EPS estimate for the upcoming report has changed -0.4% over the past month to $1.18. Compared to the company's year-ago EPS, this represents a change of +26.9%. First Bancorp currently boasts a Zacks Rank of #2 (Buy).
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South Atlantic Bancshares, Inc. (SABK): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).