Shares of BNC Bancorp (BNCN) crafted a new 52-week high, touching $11.32 in the first half of the trading session on Jun 3, 2013. The closing price of this financial holding company represents a solid year-to-date return of 39.6%. The trading volume over the last 3 months was 26,617 shares.
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 year-over-year earnings growth of 17.41% for 2013.
Growth Drivers
Impressive first-quarter 2013 results – including an earnings surprise of 7.69% – and its series of acquisitions were the primary growth drivers.
On May 31, 2013, BNC Bancorp entered into a definitive agreement with Randolph Bank & Trust Company (RDBN) to acquire the latter. The deal has been valued at $10.4 million.
On Apr 29, 2013, BNC Bancorp reported adjusted first-quarter 2013 earnings of 14 cents per share, surpassing the Zacks Consensus Estimate of 13 cents and the prior-year quarter earnings of 11 cents. Better-than-expected results were aided by top-line growth and a decline in operating expenses.
Moreover, the company has delivered positive earnings surprises in the last 4 quarters with an average beat of 40.12%.
Estimate Revisions Show Potency
Over the last 30 days, the Zacks Consensus Estimate has remained stable at $0.66 per share. However, for 2014, the Zacks Consensus Estimate has advanced 3.3% to $0.95 per share.
Other banks that are also worth considering include American National Bankshares Inc. (AMNB) and Ameris Bancorp (ABCB). Both these companies carry a Zacks Rank #1 (Strong Buy).
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