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Ameris Bancorp ABCB shares rallied 8.3% in the last trading session to close at $54.90. 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 10% loss over the past four weeks.
Ameris Bancorp stock soared, driven 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 ABCB stock higher.
This bank is expected to post quarterly earnings of $1.15 per share in its upcoming report, which represents a year-over-year change of +4.6%. Revenues are expected to be $278.8 million, up 3.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Ameris Bancorp, the consensus EPS estimate for the quarter has been revised 0.8% 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 ABCB 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 >>>>
Ameris Bancorp belongs to the Zacks Banks - Southeast industry. Another stock from the same industry, Cadence CADE, closed the last trading session 9.3% higher at $28.87. Over the past month, CADE has returned -10.3%.
Cadence's consensus EPS estimate for the upcoming report has changed -3.2% over the past month to $0.64. Compared to the company's year-ago EPS, this represents a change of +3.2%. Cadence currently boasts a Zacks Rank of #4 (Sell).
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This article originally published on Zacks Investment Research (zacks.com).