The stock price of bank investment marketer JMC Group is on the rise after seven months in the doldrums.
Shares in the San Diego-based company, which helps banks operate brokerage programs, reached $tktk by midday Friday, almost three times its price of three weeks before.
The price began to climb after a Jan. 30 announcement by chairman James Mitchell that JMC had entered an exclusive marketing agreement with USBA Holdings, Ltd., an Atlanta-based consulting firm that has more than 1,000 banks clients.
"Somebody's making a bet that JMC is going to be able to attract new bank customers," said William Gibson, an analyst with Cruttendon Roth, Santa Barbara, Calif.
JMC has struggled during the past year because it had relied on six large banking clients that have reduced their use of the firm's services.