Blue Foundry Bancorp (BLFY) got here out with a quarterly lack of $0.13 per share versus the Zacks Consensus Estimate of a lack of $0.20. This compares to lack of $0.05 per share a yr in the past. These figures are adjusted for non-recurring gadgets.
This quarterly report represents an earnings shock of 35%. 1 / 4 in the past, it was anticipated that this firm would submit a lack of $0.14 per share when it truly produced a lack of $0.13, delivering a shock of seven.14%.
During the last 4 quarters, the corporate has surpassed consensus EPS estimates 4 instances.
Blue Foundry Bancorp
The sustainability of the inventory’s fast value motion primarily based on the recently-released numbers and future earnings expectations will principally rely on administration’s commentary on the earnings name.
Blue Foundry Bancorp shares have misplaced about 11.2% for the reason that starting of the yr versus the S&P 500’s acquire of 6.3%.
What’s Subsequent for Blue Foundry Bancorp?
Whereas Blue Foundry Bancorp has underperformed the market up to now this yr, the query that involves buyers’ minds is: what’s subsequent for the inventory?
There are not any simple solutions to this key query, however one dependable measure that may assist buyers tackle that is the corporate’s earnings outlook. Not solely does this embody present consensus earnings expectations for the approaching quarter(s), but additionally how these expectations have modified recently.
Empirical analysis exhibits a robust correlation between near-term inventory actions and tendencies in earnings estimate revisions. Traders can observe such revisions by themselves or depend on a tried-and-tested ranking instrument just like the Zacks Rank, which has a formidable observe report of harnessing the facility of earnings estimate revisions.
Forward of this earnings release, the estimate revisions pattern for Blue Foundry Bancorp: combined. Whereas the magnitude and route of estimate revisions may change following the corporate’s just-released earnings report, the present standing interprets right into a Zacks Rank #3 (Maintain) for the inventory. So, the shares are anticipated to carry out in keeping with the market within the close to future. You may see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Will probably be attention-grabbing to see how estimates for the approaching quarters and present fiscal yr change within the days forward. The present consensus EPS estimate is -$0.22 on $9.22 million in revenues for the approaching quarter and -$0.77 on $39.59 million in revenues for the present fiscal yr.
Traders must be aware of the truth that the outlook for the trade can have a fabric influence on the efficiency of the inventory as nicely. When it comes to the Zacks Business Rank, Banks – Northeast is at the moment within the backside 39% of the 250 plus Zacks industries. Our analysis exhibits that the highest 50% of the Zacks-ranked industries outperform the underside 50% by an element of greater than 2 to 1.
One other inventory from the identical trade, ConnectOne Bancorp (CNOB), has but to report outcomes for the quarter ended March 2024. The outcomes are anticipated to be launched on April 25.
This holding firm for ConnectOne Financial institution is anticipated to submit quarterly earnings of $0.42 per share in its upcoming report, which represents a year-over-year change of -28.8%. The consensus EPS estimate for the quarter has been revised 4.7% decrease over the past 30 days to the present degree.
ConnectOne Bancorp’s revenues are anticipated to be $64.97 million, down 7% from the year-ago quarter.
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The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
