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

Old National Bancorp (NASDAQ:ONB) has received a consensus rating of “Moderate Buy” from the twelve research firms that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $29.3636.

A number of brokerages recently issued reports on ONB. Citigroup upped their price target on Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a report on Friday, July 24th. Truist Financial raised their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Royal Bank Of Canada increased their price objective on Old National Bancorp from $28.00 to $29.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 23rd. Raymond James Financial initiated coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They set a “market perform” rating on the stock. Finally, UBS Group started coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price target for the company.

Insider Buying and Selling 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 on 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 directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Chady Alahmar sold 11,771 shares of Old National Bancorp 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 transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of ONB. Glenmede Investment Management LP grew its position in shares of Old National Bancorp by 1.0% during the 3rd quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock worth $1,362,000 after buying an additional 625 shares during the period. Teza Capital Management LLC raised its holdings in Old National Bancorp by 6.8% in the second quarter. Teza Capital Management LLC now owns 10,993 shares of the bank’s stock worth $235,000 after purchasing an additional 702 shares during the period. CIBC Private Wealth Group LLC boosted its position in shares of Old National Bancorp by 4.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 16,863 shares of the bank’s stock worth $376,000 after purchasing an additional 703 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of Old National Bancorp by 0.3% during the second quarter. CANADA LIFE ASSURANCE Co now owns 292,432 shares of the bank’s stock worth $6,244,000 after purchasing an additional 754 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Old National Bancorp by 17.5% in the 4th quarter. Allworth Financial LP now owns 5,350 shares of the bank’s stock valued at $119,000 after buying an additional 797 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Up 0.7%

Shares of ONB opened at $25.60 on Friday. The stock has a market capitalization of $9.79 billion, a PE ratio of 11.38 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. 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 company’s 50-day simple moving average is $26.30 and its 200-day simple moving average is $24.53.

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, beating analysts’ consensus estimates of $0.63 by $0.02. The firm had revenue of $726.86 million during the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The business’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.53 earnings per share. Analysts forecast that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Saturday, September 5th will be issued a $0.145 dividend. The ex-dividend date is 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 is currently 25.78%.

Old National Bancorp Company Profile

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.