Old National Bancorp (NASDAQ:ONB) Receives Average Rating of “Moderate Buy” from Brokerages

Old National Bancorp (NASDAQ:ONB) has been given a consensus recommendation of “Moderate Buy” by the twelve research firms that are currently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $29.3636.

Several research analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. 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 for the company. Royal Bank Of Canada upped their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “sector perform” rating in a report on Thursday, July 23rd. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, July 22nd.

Old National Bancorp Price Performance

ONB stock opened at $25.81 on Monday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36. The stock’s 50 day simple moving average is $26.21 and its 200 day simple moving average is $24.48. The company has a market cap of $9.87 billion, a P/E ratio of 11.47 and a beta of 0.84.

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 company had revenue of $726.86 million for the quarter, compared to analysts’ expectations of $716.25 million. During the same period last year, the business earned $0.53 EPS. Old National Bancorp’s quarterly revenue was up 13.2% compared to the same quarter last year. On average, research analysts expect that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be issued a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, September 4th. Old National Bancorp’s dividend payout ratio (DPR) is currently 25.78%.

Insider Buying and Selling

In related news, CEO Chady M. Alahmar sold 11,771 shares of the 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 approximately $1,677,853.71. This represents a 15.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Nicholas J. Chulos sold 20,000 shares of the firm’s 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 transaction, the insider 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 disclosure for this sale is available in the SEC filing. 0.72% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONB. BlackRock Inc. bought a new position in shares of Old National Bancorp in the second quarter valued at approximately $1,215,819,000. Dimensional Fund Advisors LP lifted its holdings in Old National Bancorp by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock worth $395,193,000 after acquiring an additional 310,352 shares during the period. State Street Corp lifted its holdings in Old National Bancorp by 5.6% during the third quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock worth $365,816,000 after acquiring an additional 890,309 shares during the period. Geode Capital Management LLC boosted its position in Old National Bancorp by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock worth $215,958,000 after purchasing an additional 91,341 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in Old National Bancorp by 37.5% in the fourth quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank’s stock worth $160,381,000 after purchasing an additional 1,961,525 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.