Old National Bancorp (NASDAQ:ONB) Stock Has Average Price Target of $29.64 According to Brokerages

Old National Bancorp (NASDAQ:ONB) has received a consensus recommendation of “Moderate Buy” from the fourteen research firms that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $29.64.

Several brokerages have recently issued reports on ONB. TD Cowen lowered their price objective on shares of Old National Bancorp from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Raymond James Financial upgraded shares of Old National Bancorp from a “market perform” rating to an “outperform” rating and set a $29.00 price objective for the company in a research note on Tuesday, October 6th. Truist Financial increased their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. JPMorgan Chase & Co. cut their price target on Old National Bancorp from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Thursday, October 22nd. Finally, Piper Sandler initiated coverage on shares of Old National Bancorp in a research note on Thursday, September 17th. They issued an “overweight” rating and a $32.00 price objective for the company.

Old National Bancorp Price Performance

NASDAQ ONB opened at $24.93 on Friday. Old National Bancorp has a 52-week low of $19.60 and a 52-week high of $27.36. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market cap of $9.43 billion, a PE ratio of 10.18 and a beta of 0.88. The firm’s 50 day moving average price is $25.18 and its 200-day moving average price is $24.67.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Wednesday, October 21st. The bank reported $0.66 EPS for the quarter, hitting analysts’ consensus estimates of $0.66. Old National Bancorp had a net margin of 23.36% and a return on equity of 12.02%. The company had revenue of $719.00 million for the quarter, compared to the consensus estimate of $732.04 million. During the same period in the previous year, the firm earned $0.59 earnings per share. Sell-side analysts forecast that Old National Bancorp will post 2.57 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th were paid a dividend of $0.1450 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Friday, September 4th. Old National Bancorp’s payout ratio is 23.67%.

Insider Activity at Old National Bancorp

In related news, CFO John Moran sold 19,261 shares of the company’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $25.57, for a total transaction of $492,503.77. Following the sale, the chief financial officer directly owned 101,467 shares of the company’s stock, valued at approximately $2,594,511.19. This represents a 15.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Old National Bancorp during the second quarter worth $1,215,819,000. Dimensional Fund Advisors LP raised its position in Old National Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock valued at $395,193,000 after purchasing an additional 310,352 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Old National Bancorp in the second quarter worth approximately $134,610,000. Bank of America Corp DE lifted its position in shares of Old National Bancorp by 2.5% in the first quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank’s stock worth $93,462,000 after buying an additional 102,956 shares in the last quarter. Finally, William Blair Investment Management LLC bought a new position in shares of Old National Bancorp in the second quarter worth about $99,283,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

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

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.