Old National Bancorp (NASDAQ:ONB) Now Covered by JPMorgan Chase & Co.

Equities research analysts at JPMorgan Chase & Co. started coverage on shares of Old National Bancorp (NASDAQ:ONB) in a research report issued on Friday, Benzinga reports. The firm set an “overweight” rating and a $32.00 price target on the bank’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 25.00% from the company’s previous close.

Several other research firms also recently commented on ONB. Raymond James Financial began coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a “market perform” rating for the company. Truist Financial raised their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. UBS Group initiated coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 target price on the stock. Citigroup upped their price target on shares of Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a research note on Tuesday, September 1st. Ten research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $29.75.

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB opened at $25.60 on Friday. The company’s 50 day simple moving average is $26.30 and its 200 day simple moving average is $24.53. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.36. The stock has a market capitalization of $9.79 billion, a price-to-earnings ratio of 11.38 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. The business had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.Old National Bancorp’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.53 EPS. As a group, research analysts predict that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Old National Bancorp

Institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in Old National Bancorp in the second quarter worth $1,215,819,000. California State Teachers Retirement System grew its stake in shares of Old National Bancorp by 2,394.7% during the second quarter. California State Teachers Retirement System now owns 10,508,355 shares of the bank’s stock valued at $272,166,000 after buying an additional 10,087,121 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Old National Bancorp during the second quarter valued at about $134,610,000. Bank of America Corp DE purchased a new position in shares of Old National Bancorp in the second quarter worth about $100,301,000. Finally, 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. 83.66% of the stock is currently owned by institutional investors.

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.