Alerus (ALRS) shares rallied 5.7% in the last trading session to close at $19.35. 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 23.2% gain over the past four weeks.
With the Federal Reserve hitting a pause in rate hikes, banking stocks are in spotlight. Investor sentiment is gradually turning positive for the industry. Hence, this optimistic stance drove the ALRS stock.
This company is expected to post quarterly earnings of $0.36 per share in its upcoming report, which represents a year-over-year change of -36.8%. Revenues are expected to be $48.8 million, down 6.2% 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 Alerus, 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 ALRS 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 >>>>
Alerus is a member of the Zacks Financial - Miscellaneous Services industry. One other stock in the same industry, MVB Financial (MVBF), finished the last trading session 4.4% higher at $22.48. MVBF has returned 23.8% over the past month.
For MVB Financial
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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