Old National Bancorp (NASDAQ:ONB) Upgraded to Strong-Buy at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Old National Bancorp (NASDAQ:ONB) to a strong-buy rating in a research report report published on Thursday,Zacks reports.

Several other brokerages have also recently commented on ONB. Truist Financial raised their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. National Bank Financial set a $32.00 price target on Old National Bancorp in a research report on Friday, September 11th. Citigroup decreased their price target on shares of Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday. Jefferies Financial Group reissued a “hold” rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, July 22nd. Finally, TD Cowen increased their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $30.15.

Old National Bancorp Stock Up 1.4%

NASDAQ:ONB opened at $25.09 on Thursday. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $27.36. The stock’s fifty day moving average is $26.10 and its two-hundred day moving average is $24.66. The stock has a market capitalization of $9.60 billion, a price-to-earnings ratio of 11.15 and a beta of 0.83. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. The company had revenue of $726.86 million during 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%.Old National Bancorp’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period last year, the business posted $0.53 EPS. Research analysts anticipate that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Announces Dividend

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

Insider Activity at Old National Bancorp

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer owned 63,531 shares in the company, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas J. Chulos sold 20,000 shares of the 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 transaction, the insider directly owned 53,544 shares of the company’s stock, valued at $1,427,483.04. This represents a 27.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Old National Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Old National Bancorp in the second quarter valued at about $1,215,819,000. The Manufacturers Life Insurance Company purchased a new position in Old National Bancorp in the second quarter valued at about $134,610,000. Bank of America Corp DE purchased a new position in Old National Bancorp in the second quarter valued at 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 approximately $99,283,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Old National Bancorp during the 2nd quarter worth approximately $90,226,000. 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 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.