Stock Mover of the Day: Will Old National Bancorp Run Out of Steam Soon?

Stock Mover of the Day: Will Old National Bancorp Run Out of Steam Soon?

The stock of Old National Bancorp (NASDAQ:ONB) hit a new 52-week high and has $22.45 target or 30.00% above today’s $17.27 share price. The 9 months bullish chart indicates low risk for the $2.36 billion company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $22.45 price target is reached, the company will be worth $708.00 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 207,460 shares traded hands. Old National Bancorp (NASDAQ:ONB) has risen 34.63% since April 19, 2016 and is uptrending. It has outperformed by 30.77% the S&P500.

Old National Bancorp (NASDAQ:ONB) Ratings Coverage

Out of 5 analysts covering Old National Bancorp (NASDAQ:ONB), 2 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 40% are positive. Old National Bancorp has been the topic of 6 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The company was initiated on Monday, July 11 by Piper Jaffray. The stock of Old National Bancorp (NASDAQ:ONB) earned “Market Perform” rating by Wood on Tuesday, August 2. Stephens initiated Old National Bancorp (NASDAQ:ONB) on Tuesday, August 4 with “Overweight” rating. The stock has “Outperform” rating given by Raymond James on Tuesday, March 29.

According to Zacks Investment Research, “Old National Bancorp is a bank holding company that operates banking offices and ATMs throughout Indiana, Illinois, Ohio, Kentucky, and Tennessee. Through various subsidiaries, Old National provides a broad range of banking services as well as trust and investment management services, insurance brokerage services for both individuals and companies, and investment products. (Company Press Release)”

Insitutional Activity: The institutional sentiment decreased to 1.04 in Q2 2016. Its down 1.43, from 2.47 in 2016Q1. The ratio dived, as 13 funds sold all Old National Bancorp shares owned while 36 reduced positions. 27 funds bought stakes while 94 increased positions. They now own 92.57 million shares or 15.40% more from 80.22 million shares in 2016Q1.
The California-based Lpl Llc has invested 0% in Old National Bancorp (NASDAQ:ONB). Strs Ohio last reported 87,500 shares in the company. Pitcairn Communications last reported 11,089 shares in the company. Profund Advisors Limited Com has invested 0.03% of its portfolio in Old National Bancorp (NASDAQ:ONB). Netols Asset Mgmt, a Wisconsin-based fund reported 433,963 shares. The Tennessee-based First Mercantile Tru Company has invested 0.02% in Old National Bancorp (NASDAQ:ONB). Css Limited Co Il holds 0.01% of its portfolio in Old National Bancorp (NASDAQ:ONB) for 16,099 shares. Schwab Charles Management has 0.01% invested in the company for 491,025 shares. Sei Invests has 0% invested in the company for 29,070 shares. Naples Global Ltd Company has invested 0.22% of its portfolio in Old National Bancorp (NASDAQ:ONB). First Citizens Bancorporation Trust reported 26,230 shares or 0.03% of all its holdings. Thrivent Financial For Lutherans has 64,850 shares for 0% of their US portfolio. Fifth Third Natl Bank last reported 8,893 shares in the company. Parametric Assoc Ltd last reported 296,554 shares in the company. Cornercap Counsel Inc holds 36,310 shares or 0.09% of its portfolio.

Insider Transactions: Since May 31, 2016, the stock had 3 buys, and 3 selling transactions for $496,281 net activity. Morris James T had bought 500 shares worth $6,835 on Thursday, August 11. 1,000 Old National Bancorp (NASDAQ:ONB) shares with value of $14,345 were bought by Vanzo Kendra L. Wolking Christopher A had sold 3,000 shares worth $41,220. Another trade for 1,800 shares valued at $24,759 was bought by Skillman Rebecca S. MOORE DARYL D had sold 33,442 shares worth $461,490.

More recent Old National Bancorp (NASDAQ:ONB) news were published by: Insurancejournal.com which released: “Old National Bancorp Acquires JWF Insurance Cos.” on April 04, 2005. Also Seekingalpha.com published the news titled: “Old National Bancorp: Sluggish Outlook” on November 01, 2016. Streetinsider.com‘s news article titled: “Form 4 OLD NATIONAL BANCORP For: Nov 18 Filed by: Kissel Joan” with publication date: November 21, 2016 was also an interesting one.

ONB Company Profile

Old National Bancorp, incorporated on July 19, 1982, is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory, and other traditional banking services. Through its non-bank affiliates, the Company provides full service insurance brokerage services and other financial services. The Firm operates in two divisions: banking and insurance.

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