Wilshire Bancorp Inc.
) crafted a new 52-week high, touching $9.05 at the beginning of
the trading session on Aug 7. The closing price of this financial
products and services provider represents a solid year-to-date
return of 42.2%. The trading volume for the session was 0.6
Despite hitting its 52-week high, this Zacks Rank #2 (Buy) stock
has plenty of upside left, given its strong estimate revisions
over the last 30 days and expected long-term earnings growth of
Impressive second-quarter 2013 results - including a positive
earnings surprise of 6.7%, reinstatement of dividend and a strong
capital position - as well as the announcement of the acquisition
of N.J.-based BankAsiana and Los Angeles-based Saehan Bancorp
were the primary growth drivers for Wilshire Bancorp.
On Jul 22, Wilshire Bancorp reported its second-quarter earnings
per share of 16 cents, surpassing the Zacks Consensus Estimate by
a penny. However, the reported earnings lagged the prior-year
quarter's earnings of 31 cents per share.
Amid challenging global markets, better-than-expected results for
Wilshire Bancorp were driven by higher net interest income and
reduced non-interest expenses. Moreover, no credit for losses on
loans and loan commitments were recorded by the company.
During the quarter, Wilshire Bancorp reinstated its quarterly
common stock dividend of 3 cents per share. The dividend was paid
on Jul 15, 2013 to shareholders of record as of Jun 30, 2013.
Additionally, Wilshire Bancorp has now delivered positive
earnings surprises in the last 4 quarters with an average beat of
Estimate Revisions Show Potency
Over the last 30 days, the Zacks Consensus Estimate for 2013
increased by 4.8% to 65 cents per share, as 2 of the 5 estimates
moved north. For 2014, the Zacks Consensus Estimate advanced 5.9%
to 72 cents per share, on the back of upward revisions of 3 of
the 5 estimates.
Some better performing banks include
Glacier Bancorp Inc.
Umpqua Holdings Corporation
). All these carry a Zacks Rank #1 (Strong Buy).
GLACIER BANCORP (GBCI): Free Stock Analysis
PREFERRED BANK (PFBC): Free Stock Analysis
UMPQUA HLDGS CP (UMPQ): Free Stock Analysis
WILSHIRE BCP (WIBC): Free Stock Analysis
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