Old National Bancorp (NASDAQ:ONB) Stock Rated “Moderate Buy” by Sell-Side Analysts

Shares of Old National Bancorp (NASDAQ:ONB) have been given a consensus recommendation of “Moderate Buy” by the fourteen brokerages that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $29.79.

ONB has been the subject of a number of recent analyst reports. Royal Bank Of Canada decreased their price target on Old National Bancorp from $29.00 to $28.00 and set a “sector perform” rating for the company in a research report on Friday. Piper Sandler began coverage on Old National Bancorp in a report on Thursday, September 17th. They set an “overweight” rating and a $32.00 price objective on the stock. Barclays upped their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Wells Fargo & Company started coverage on shares of Old National Bancorp in a report on Thursday, September 24th. They issued an “overweight” rating and a $30.00 target price for the company. Finally, 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 on the stock in a research report on Tuesday, October 6th.

Insider Buying and Selling

In other Old National Bancorp 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 transaction, the chief executive officer directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. The trade was a 15.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total transaction of $533,200.00. Following the sale, the insider directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.72% of the company’s stock.

Institutional Trading of Old National Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in shares of Old National Bancorp by 10.2% during the 3rd quarter. GAMMA Investing LLC now owns 12,191 shares of the bank’s stock valued at $300,000 after buying an additional 1,131 shares during the period. Farther Finance Advisors LLC increased its stake in shares of Old National Bancorp by 86.3% in the third quarter. Farther Finance Advisors LLC now owns 4,177 shares of the bank’s stock worth $103,000 after acquiring an additional 1,935 shares during the last quarter. CoreCap Advisors LLC increased its stake in shares of Old National Bancorp by 1,213,509.1% in the third quarter. CoreCap Advisors LLC now owns 266,994 shares of the bank’s stock worth $6,579,000 after acquiring an additional 266,972 shares during the last quarter. Valeo Financial Advisors LLC increased its stake in shares of Old National Bancorp by 1.9% in the third quarter. Valeo Financial Advisors LLC now owns 27,233 shares of the bank’s stock worth $671,000 after acquiring an additional 514 shares during the last quarter. Finally, Cim Investment Management Inc. purchased a new stake in shares of Old National Bancorp during the second quarter worth $217,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

ONB opened at $24.80 on Tuesday. The firm has a market cap of $9.49 billion, a PE ratio of 11.02 and a beta of 0.86. 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 fifty day simple moving average of $25.70 and a 200-day simple moving average of $24.93. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36.

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

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Saturday, September 5th were given a $0.1450 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, September 4th. Old National Bancorp’s dividend payout ratio is 25.78%.

About Old National Bancorp

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.