Old National Bancorp (ONB) Moves 9.8% Higher: Will This Strength Last?

Old National Bancorp ONB shares ended the last trading session 9.8% higher at $19.70. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 10.8% loss over the past four weeks.Old National Bancorp stock surged, driven by a massive jump in the broad markets. The jump was fueled by President Donald Trump’s announcement of a 90-day tariff pause for the non-retaliating nations. This cheered the investors, driving the ONB stock higher.This holding company for Old National Bank is expected to post quarterly earnings of $0.42 per share in its upcoming report, which represents a year-over-year change of -6.7%. Revenues are expected to be $478.3 million, up 8.7% 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 been revised 4.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. 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 #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Old National Bancorp is a member of the Zacks Banks - Midwest industry. One other stock in the same industry, Independent Bank IBCP, finished the last trading session 4.5% higher at $29.84. IBCP has returned -5.4% over the past month.Independent Bank's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.70. Compared to the company's year-ago EPS, this represents a change of -7.9%. Independent Bank currently boasts a Zacks Rank of #3 (Hold).7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Old National Bancorp (ONB): Free Stock Analysis Report Independent Bank Corporation (IBCP): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks