Old National Bancorp (NASDAQ:ONB) Stock Has Average Price Target of $29.92 According to Analysts

Old National Bancorp (NASDAQ:ONB) has received an average recommendation of “Moderate Buy” from the fourteen research firms that are presently covering the company, MarketBeat Ratings reports. Two equities research 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 issued a report on the stock in the last year is $29.86.

A number of research analysts have recently commented on ONB shares. Jefferies Financial Group reissued a “hold” rating and set a $27.00 price objective on shares of Old National Bancorp in a report on Wednesday, July 22nd. Royal Bank Of Canada raised 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. Piper Sandler assumed coverage on shares of Old National Bancorp in a research note on Thursday, September 17th. They set an “overweight” rating and a $32.00 price target for the company. Weiss Ratings restated a “buy (b)” rating on shares of Old National Bancorp in a research note on Tuesday, September 1st. Finally, National Bank Financial set a $32.00 target price on Old National Bancorp in a report on Friday, September 11th.

Insiders Place Their Bets

In other news, CEO Chady Alahmar sold 11,771 shares of the business’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total transaction of $310,872.11. Following the completion of the sale, the chief executive officer owned 63,531 shares in the company, valued at $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Nicholas Chulos sold 20,000 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the sale, 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. The SEC filing for this sale provides additional information. Insiders own 0.72% of the company’s stock.

Institutional Trading of Old National Bancorp

A number of hedge funds have recently modified their holdings of the company. Archer Investment Corp acquired a new stake in Old National Bancorp in the second quarter worth $39,000. Integrated Wealth Concepts LLC acquired a new position in shares of Old National Bancorp in the 2nd quarter valued at approximately $41,000. FNY Investment Advisers LLC bought a new stake in Old National Bancorp during the 2nd quarter worth approximately $49,000. Philadelphia Investment Partners LLC bought a new stake in Old National Bancorp during the 2nd quarter worth approximately $81,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Old National Bancorp during the second quarter worth $92,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

ONB opened at $24.73 on Tuesday. The stock has a market cap of $9.46 billion, a price-to-earnings ratio of 10.99 and a beta of 0.86. The stock has a fifty day moving average price of $25.78 and a 200 day moving average price of $24.89. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.36. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.95.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 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 firm had revenue of $726.86 million for the quarter, compared to the consensus estimate of $716.25 million. During the same quarter in the prior year, the company posted $0.53 earnings per share. The firm’s revenue was up 13.2% on a year-over-year basis. Analysts forecast that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Saturday, September 5th were issued a $0.1450 dividend. The ex-dividend date of this dividend was 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 (DPR) is currently 25.78%.

Old National Bancorp Company Profile

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.