A week ago, Blue Foundry Bancorp (NASDAQ:BLFY) came out with a strong set of quarterly numbers that could potentially lead to a re-rate of the stock. Revenues and losses per share were both better than expected, with revenues of US$9.9m leading estimates by 7.6%. Statutory losses were smaller than the analystsexpected, coming in at US$0.13 per share. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.

Check out our latest analysis for Blue Foundry Bancorp

Taking into account the latest results, the current consensus, from the twin analysts covering Blue Foundry Bancorp, is for revenues of US$39.1m in 2024. This implies a small 7.2% reduction in Blue Foundry Bancorp's revenue over the past 12 months. Losses are forecast to balloon 96% to US$0.74 per share. Yet prior to the latest earnings, the analysts had been forecasting revenues of US$38.9m and losses of US$0.81 per share in 2024. So there seems to have been a moderate uplift in analyst sentiment with the latest consensus release, given the upgrade to loss per share forecasts for this year.

The consensus price target fell 5.3% to US$9.00despite the forecast for smaller losses next year. It looks like the ongoing lack of profitability is starting to weigh on valuations.

Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. We would highlight that revenue is expected to reverse, with a forecast 9.5% annualised decline to the end of 2024. That is a notable change from historical growth of 2.4% over the last three years. By contrast, our data suggests that other companies (with analyst coverage) in the same industry are forecast to see their revenue grow 5.7% annually for the foreseeable future. So although its revenues are forecast to shrink, this cloud does not come with a silver lining - Blue Foundry Bancorp is expected to lag the wider industry.

The Bottom Line

The most obvious conclusion is that the analysts made no changes to their forecasts for a loss next year. Fortunately, the analysts also reconfirmed their revenue estimates, suggesting that it's tracking in line with expectations. Although our data does suggest that Blue Foundry Bancorp's revenue is expected to perform worse than the wider industry. Furthermore, the analysts also cut their price targets, suggesting that the latest news has led to greater pessimism about the intrinsic value of the business.