Old National Bancorp (ONB) – What Are Researchers Thinking About This Stock?

Old National Bancorp (NASDAQ:ONB) has received a consensus recommendation of “Moderate Buy” from the fourteen research firms that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $29.79.

A number of research firms have recently commented on ONB. Truist Financial increased their target price on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Raymond James Financial raised shares of Old National Bancorp from a “market perform” rating to an “outperform” rating and set a $29.00 target price for the company in a report on Tuesday, October 6th. Royal Bank Of Canada reduced their price target on shares of Old National Bancorp from $29.00 to $28.00 and set a “sector perform” rating on the stock in a research report on Friday. JPMorgan Chase & Co. decreased their price target on shares of Old National Bancorp from $32.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday, October 1st. Finally, Citigroup decreased their price target on shares of Old National Bancorp from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, September 22nd.

Insider Transactions at Old National Bancorp

In other news, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total transaction of $310,872.11. Following the completion of the sale, the chief executive officer owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Nicholas J. Chulos sold 20,000 shares of Old National Bancorp stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the sale, the insider directly owned 53,544 shares of the company’s stock, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.72% of the company’s stock.

Institutional Trading of Old National Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in ONB. BlackRock Inc. bought a new position in Old National Bancorp during the 2nd quarter worth about $1,215,819,000. The Manufacturers Life Insurance Company purchased a new position in Old National Bancorp during the 2nd quarter valued at about $134,610,000. Bank of America Corp DE purchased a new position in Old National Bancorp during the 2nd quarter valued at about $100,301,000. William Blair Investment Management LLC bought a new stake in shares of Old National Bancorp in the 2nd quarter valued at about $99,283,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Old National Bancorp in the 2nd quarter valued at about $90,226,000. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Stock Performance

Shares of ONB opened at $24.58 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. The business has a 50-day simple moving average of $25.74 and a two-hundred day simple moving average of $24.89. The stock has a market cap of $9.40 billion, a price-to-earnings ratio of 10.92 and a beta of 0.86. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $27.36.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. The business had revenue of $726.86 million for the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%. The business’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period last year, the firm earned $0.53 earnings per share. On average, analysts expect that Old National Bancorp will post 2.60 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th were given a dividend of $0.1450 per share. The ex-dividend date was Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a yield of 2.4%. Old National Bancorp’s payout ratio is 25.78%.

Old National Bancorp Company Profile

Old National Bancorp is a regional financial holding company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial services to individuals, families, businesses and institutions.

Old National Bank offers a range of products and services, including checking and savings accounts, consumer and commercial lending, mortgages, treasury management, wealth management, investment services and personal financial planning.