Investors focused on the Finance space have likely heard of Old National Bancorp (ONB), but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Finance peers, we might be able to answer that question.
Old National Bancorp is one of 828 individual stocks in the Finance sector. Collectively, these companies sit at #8 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. ONB is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for ONB's full-year earnings has moved 0.80% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that ONB has returned about 7.45% since the start of the calendar year. Meanwhile, the Finance sector has returned an average of -4.89% on a year-to-date basis. This means that Old National Bancorp is performing better than its sector in terms of year-to-date returns.
To break things down more, ONB belongs to the Banks – Midwest industry, a group that includes 30 individual companies and currently sits at #48 in the Zacks Industry Rank. On average, this group has gained an average of 8.52% so far this year, meaning that ONB is slightly underperforming its industry in terms of year-to-date returns.
Investors in the Finance sector will want to keep a close eye on ONB as it attempts to continue its solid performance.
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