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Jefferies (JEF) Soars 5.8%: Is Further Upside Left in the Stock?
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Jefferies (JEF - Free Report) shares soared 5.8% in the last trading session to close at $70.36. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 12.1% gain over the past four weeks.
Jefferies has agreed to Sumitomo Mitsui Financial Group’s proposal to increase its stake in the U.S. investment bank. Per a Bloomberg report, citing people familiar with the matter, the Japanese lender, which already owns roughly 15% of Jefferies, is considering investing more than 100 billion yen to take its stake closer to 20%. Thus, the increase in the share price of JEF came as investors are confident that a deeper partnership with SMFG could unlock fresh opportunities for growth.
This investment banking and capital markets company is expected to post quarterly earnings of $0.79 per share in its upcoming report, which represents a year-over-year change of +5.3%. Revenues are expected to be $1.89 billion, up 12.4% 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 Jefferies, the consensus EPS estimate for the quarter has been revised 21.1% 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 JEF going forward to see if this recent jump can turn into more strength down the road.
Jefferies is part of the Zacks Financial - Miscellaneous Services industry. Blackstone Inc. (BX - Free Report) , another stock in the same industry, closed the last trading session 2.8% higher at $188.68. BX has returned 11.6% in the past month.
For Blackstone Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.24. This represents a change of +22.8% from what the company reported a year ago. Blackstone Inc. currently has a Zacks Rank of #3 (Hold).
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Jefferies (JEF) Soars 5.8%: Is Further Upside Left in the Stock?
Jefferies (JEF - Free Report) shares soared 5.8% in the last trading session to close at $70.36. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 12.1% gain over the past four weeks.
Jefferies has agreed to Sumitomo Mitsui Financial Group’s proposal to increase its stake in the U.S. investment bank. Per a Bloomberg report, citing people familiar with the matter, the Japanese lender, which already owns roughly 15% of Jefferies, is considering investing more than 100 billion yen to take its stake closer to 20%. Thus, the increase in the share price of JEF came as investors are confident that a deeper partnership with SMFG could unlock fresh opportunities for growth.
This investment banking and capital markets company is expected to post quarterly earnings of $0.79 per share in its upcoming report, which represents a year-over-year change of +5.3%. Revenues are expected to be $1.89 billion, up 12.4% 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 Jefferies, the consensus EPS estimate for the quarter has been revised 21.1% 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 JEF 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 >>>>
Jefferies is part of the Zacks Financial - Miscellaneous Services industry. Blackstone Inc. (BX - Free Report) , another stock in the same industry, closed the last trading session 2.8% higher at $188.68. BX has returned 11.6% in the past month.
For Blackstone Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.24. This represents a change of +22.8% from what the company reported a year ago. Blackstone Inc. currently has a Zacks Rank of #3 (Hold).