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Old National Bancorp (ONB) Surges 5.8%: Is This an Indication of Further Gains?
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Old National Bancorp (ONB - Free Report) shares rallied 5.8% in the last trading session to close at $15.76. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.5% gain over the past four weeks.
The impact of the eleven interest rate hikes since March 2022 (announced by the Federal Reserve) has been seen from the cooling inflation. Thus, there are expectations that the Fed will not raise rates any further this year, which is a positive for banks in the United States. In fact, there are chances that the Fed might cut rates next year. Hence, investor optimism over the stop in rate hikes is likely to have driven the ONB stock higher in the last four consecutive trading days.
This holding company for Old National Bank is expected to post quarterly earnings of $0.48 per share in its upcoming report, which represents a year-over-year change of -14.3%. Revenues are expected to be $448.87 million, down 20.1% 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 Old National Bancorp, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ONB going forward to see if this recent jump can turn into more strength down the road.
Old National Bancorp belongs to the Zacks Banks - Midwest industry. Another stock from the same industry, Independent Bank (IBCP - Free Report) , closed the last trading session 4.6% higher at $22.61. Over the past month, IBCP has returned 6.5%.
For Independent Bank, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.71. This represents no change from what the company reported a year ago. Independent Bank currently has a Zacks Rank of #1 (Strong Buy).
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Old National Bancorp (ONB) Surges 5.8%: Is This an Indication of Further Gains?
Old National Bancorp (ONB - Free Report) shares rallied 5.8% in the last trading session to close at $15.76. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.5% gain over the past four weeks.
The impact of the eleven interest rate hikes since March 2022 (announced by the Federal Reserve) has been seen from the cooling inflation. Thus, there are expectations that the Fed will not raise rates any further this year, which is a positive for banks in the United States. In fact, there are chances that the Fed might cut rates next year. Hence, investor optimism over the stop in rate hikes is likely to have driven the ONB stock higher in the last four consecutive trading days.
This holding company for Old National Bank is expected to post quarterly earnings of $0.48 per share in its upcoming report, which represents a year-over-year change of -14.3%. Revenues are expected to be $448.87 million, down 20.1% 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 Old National Bancorp, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ONB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Old National Bancorp belongs to the Zacks Banks - Midwest industry. Another stock from the same industry, Independent Bank (IBCP - Free Report) , closed the last trading session 4.6% higher at $22.61. Over the past month, IBCP has returned 6.5%.
For Independent Bank, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.71. This represents no change from what the company reported a year ago. Independent Bank currently has a Zacks Rank of #1 (Strong Buy).