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One banking stock that insiders are loading up big on here is
EverBank Financial(EVER - Get Report), which provides a range of financial products and services directly to customers through multiple business channels. Insiders are buying this stock into some decent strength, since shares are up around 14% so far in 2012.
EverBank Financial has a market cap of $1.42 billion and an enterprise value of $3.47 billion. This stock trades at fair valuation, with a trailing price-to-earnings of 31 and a forward price-to-earnings of 9.67. Its estimated growth rate for next year is 8.6%. This is not a cash-rich company, since the total cash position on its balance sheet is $518.23 million, and its total debt is $2.61 billion.
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A director just
bought 967,076 shares, or about $11.66 million worth of stock, at $12.06 per share.
From a technical perspective, EVER is currently trending above its 50-day moving average, which is bullish. This stock has been uptrending strong for the last four months, with shares rising from $10.44 to its recent high of $12.59 a share. During that uptrend, shares of EVER have mostly made higher lows and higher highs, which is bullish technical price action. That move has now pushed EVER within range if triggering a major breakout trade.
If you're bullish on EVER, then I would look for long-biased trades once this stock breaks out above some near-term overhead resistance levels at $12.35 to $12.59 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 254,303 shares. If we get that action, then EVER will have a great chance of trending north of $13 a share.
Keep in mind that any move above $12.59 will push EVER into all-time-high territory, which is bullish technical price action.