Is Old National Bancorp (ONB) A Good Stock to Buy?

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that said goodbye to their entire stakes in the stock during the third quarter. It’s worth mentioning that Ken Griffin’s Citadel Investment Group said goodbye to the largest stake of all the investors followed by Insider Monkey, comprising close to $1.6 million in stock. Michael Platt and William Reeves’ fund, BlueCrest Capital Mgmt, also sold off its stock, about $0.2 million worth.

Let’s now take a look at hedge fund activity in other stocks similar to Old National Bancorp (NYSE:ONB). These stocks are Columbia Banking System Inc (NASDAQ:COLB), El Paso Electric Company (NYSE:EE), Cosan Limited (USA) (NYSE:CZZ), and Alexander & Baldwin Inc (NYSE:ALEX). This group of stocks’ market values are closest to ONB’s market value.

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $136 million. That figure was $28 million in ONB’s case. Cosan Limited (USA) (NYSE:CZZ) is the most popular stock in this table. On the other hand Columbia Banking System Inc (NASDAQ:COLB) is the least popular one with only 6 bullish hedge fund positions. Old National Bancorp (NYSE:ONB) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CZZ might be a better candidate to consider taking a long position in.

Disclosure: None