Send me real-time posts from this site at my email

HarborOne Bancorp (HONE) Stock Jumps 5.3%: Will It Continue to Soar?

HarborOne Bancorp (HONE) shares rallied 5.3% in the last trading session to close at $13.46. 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 12.8% gain over the past four weeks.

Investor optimism over an accelerated recovery of the banking industry following steepening of the yield curve, additional government spending and favorable economic data has been driving the stock higher, which touched a new 52-week high in last day's trading.

Price and Consensus

This bank holding company is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents a year-over-year change of +188.9%. Revenues are expected to be $60.7 million, up 33.2% 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 HarborOne Bancorp, the consensus EPS estimate for the quarter has been revised 4% 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 HONE 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 >>>>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
HarborOne Bancorp, Inc. (HONE): Get Free Report
To read this article on click here.
Zacks Investment Research

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue