Old National Bancorp (NASDAQ:ONB) Research Coverage Started at Piper Sandler

Piper Sandler assumed coverage on shares of Old National Bancorp (NASDAQ:ONB) in a research note issued to investors on Thursday, MarketBeat reports. The brokerage issued an overweight rating and a $32.00 target price on the bank’s stock.

A number of other research firms have also issued reports on ONB. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a report on Tuesday, September 1st. Raymond James Financial began coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “market perform” rating for the company. Barclays lifted their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. UBS Group began coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 target price on the stock. Finally, National Bank Financial set a $32.00 target price on shares of Old National Bancorp in a research note on Friday, September 11th. Ten research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.25.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $25.27 on Thursday. The stock has a fifty day moving average price of $26.22 and a two-hundred day moving average price of $24.59. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $9.67 billion, a P/E ratio of 11.23 and a beta of 0.83. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.36.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. The company 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 firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period last year, the firm earned $0.53 EPS. Research analysts forecast that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Saturday, September 5th were given a $0.145 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. Old National Bancorp’s dividend payout ratio (DPR) is 25.78%.

Insider Transactions at Old National Bancorp

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

Institutional Investors Weigh In On Old National Bancorp

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

About Old National Bancorp

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

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury and cash management services, credit and debit cards, online and mobile banking, and investment and wealth management services.