Metro Bancorp, Inc.
) hit a new 52-week high, touching $20.54 in the first half of
the trading session on Jun 17. However, the stock closed the
session at $19.98, which reflects a solid year-to-date return of
49.3%. The trading volume for the session was 24,752 shares.
Despite the strong price appreciation, this Zacks Rank #1 (Strong
Buy) northeast bank has plenty of upside left, given its strong
estimate revisions over the last 60 days and expected
year-over-year earnings growth of 13.6% for 2013.
Metro's impressive price performance reflects solid first-quarter
2013 results which include positive earnings surprise of 52.9%.
Additionally, the company maintains a robust capital position in
compliance with the regulatory guidelines.
On Apr 22, Metro declared its first-quarter earnings of 26 cents
per share, substantially beating the Zacks Consensus Estimate of
17 cents. Moreover, net income of $3.6 million marked a 36.8%
year over year increase.
Growth in loans and deposits remains key driving force at Metro.
Loan portfolio grew 7% year over year $1.5 billion and total
deposits surged 5% year over year to $2.2 billion in the first
Moreover, Metro has delivered positive earnings surprises in the
trailing 4 quarters with an average beat of 26.1%.
Estimate Revisions Show Potency
In the last 60 days, the Zacks Consensus Estimate for 2013
increased 15.8% to 88 cents per share. For 2014, the Zacks
Consensus Estimate advanced 5.7% to 92 cents per share over the
same time frame.
Apart from Metro, other banks which are worth considering include
Sandy Spring Bancorp Inc.
) - with a Zacks Rank #1 (Strong Buy), as well as
Mb Financial Inc.
Oritani Financial Corp New
) - with a Zacks Rank #2 (Buy).
MB FINANCL INC (MBFI): Free Stock Analysis
METRO BANCORP (METR): Free Stock Analysis
ORITANI FINL CP (ORIT): Free Stock Analysis
SANDY SPRING (SASR): Free Stock Analysis
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