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Professional Holding (PFHD) Stock Jumps 5.7%: Will It Continue to Soar?

Zacks Equity Research
·2-min read

Professional Holding (PFHD) shares ended the last trading session 5.7% higher at $19.86. 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 14.2% loss over the past four weeks.

The performance of banks is expected to have improved in the second quarter given the higher interest rates and rise in demand for loans. Investors are also bullish on the banking sector on expectations of the interest rate hikes this year. This possibly led to the optimistic stance by the investors, which drove Professional Holding higher.

This company is expected to post quarterly earnings of $0.38 per share in its upcoming report, which represents a year-over-year change of -15.6%. Revenues are expected to be $21.2 million, up 8.7% 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.

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For Professional Holding, 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 PFHD 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 >>>>

Professional Holding is a member of the Zacks Banks - Southeast industry. One other stock in the same industry, Synovus Financial (SNV), finished the last trading session 0.6% lower at $36.80. SNV has returned -12.5% over the past month.

Synovus' consensus EPS estimate for the upcoming report has changed -0.9% over the past month to $1.10. Compared to the company's year-ago EPS, this represents a change of -8.3%. Synovus currently boasts a Zacks Rank of #3 (Hold).


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Professional Holding Corp. (PFHD) : Free Stock Analysis Report
 
Synovus Financial Corp. (SNV) : Free Stock Analysis Report
 
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Zacks Investment Research