Old National Bancorp (NASDAQ: ONB) shares fell on Tuesday Nov 22 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile, The Dow Jones Industrial Average opened opened higher, trading above 19,000 for the first time ever, while the S&P 500 traded above 2,200 shortly after the opening bell on Tuesday.
The S&P 500 SPX, +0.17% opened 5 points, or 0.2%, higher at 2,202. The Dow Jones Industrial Average DJIA, +0.20% added 45 points, or 0.2%, to 19,002. The Nasdaq Composite COMP, +0.25% began the session up 16 points, or 0.3%, at 5,385.
Raymond James Financial Inc. analysts reiterated its Market Perform rating on Old National Bancorp (NASDAQ: ONB) in a note to investors, making it one of the more closely watched stocks on Wall Street. Raymond James Financial Inc. currently has a rating of Market Perform on the shares. The one-year price target of $14.95 is a decrease compared to the opening price of $17.20, resulting a number of other analysts to report on the company in recent days. Looking back over the last year, Old National Bancorp stock has a high of $17.40. Usually, after analysts issue a “reiterated rating” report on a stock, they will later issue recurring updates, often followed by a price target change.
Shares of Old National Bancorp (NASDAQ: ONB) opened at $17.20 on Tuesday trading between $17.00 and $17.23, and last traded at $17.15, which is a decrease of $0.15 per share or -0.87% over the previous closing price.
Old National Bancorp (NASDAQ: ONB) now has a market cap of 2.31B.
Old National Bancorp (NASDAQ: ONB) Average Daily Trading Volume
The stock’s average daily volume is 795,280 shares out of a total float 133,012,000 and some 96,603 shares crossed the trading desk yesterday, below the average. Swing traders often use upticks in trading volume to determine large volume accumulation or distribution by institutional investors, so look for trading volume to pick up in the coming days.
However, just a day of high volume buy side trading is not enough to affirm a trend. So market traders will continue to watch for institutional sponsorship as a cue that financial institutions are moving forward.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these have teams of analysts researching thousands of stocks, so it is good corroboration to see them taking a postion in a stock you are considering.
Old National Bancorp (NASDAQ: ONB) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
Traders are able to make make the best trades when they follow the trading habits of professional investors.
Trades for Old National Bancorp (NASDAQ: ONB) have ranged from $10.69 – 17.40, and the stock now has a 50-day MA of $14.83 and 200-day MA of $13.62. Today’s last price is 1.44%% below the 52 week high of $17.40.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors identify companies that have grown their earnings by at least 25% over 3 consecutive years.
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