Old National Bancorp (NASDAQ:ONB) Receives $28.73 Consensus PT from Brokerages

Shares of Old National Bancorp (NASDAQ:ONB) have earned a consensus rating of “Moderate Buy” from the twelve analysts that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $29.3636.

Several research firms recently weighed in on ONB. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Royal Bank Of Canada raised 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. Citigroup lifted their target price on Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Truist Financial upped their target price on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Raymond James Financial started coverage on Old National Bancorp in a research report on Tuesday, July 7th. They set a “market perform” rating on the stock.

Insiders Place Their Bets

In other Old National Bancorp news, insider Nicholas J. Chulos sold 20,000 shares of the stock in a transaction on 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 trade represents a 27.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Old National Bancorp

Institutional investors have recently modified their holdings of the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Old National Bancorp in the 4th quarter worth about $27,000. Flagship Harbor Advisors LLC acquired a new position in Old National Bancorp during the 4th quarter valued at about $28,000. JFS Wealth Advisors LLC boosted its stake in Old National Bancorp by 811.4% during the 4th quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,428 shares during the period. Los Angeles Capital Management LLC bought a new position in Old National Bancorp in the 4th quarter worth about $36,000. Finally, Peterson Wealth Services grew its position in Old National Bancorp by 9,711.8% in the 4th quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock worth $37,000 after purchasing an additional 1,651 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Price Performance

Shares of ONB opened at $26.68 on Thursday. The firm has a market cap of $10.31 billion, a price-to-earnings ratio of 11.86 and a beta of 0.83. The stock has a 50 day moving average of $25.32 and a 200-day moving average of $24.11. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.89. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $27.32.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 16.16%. The firm had revenue of $732.55 million during the quarter, compared to analyst estimates of $716.25 million. During the same quarter in the previous year, the firm earned $0.53 earnings per share. The firm’s revenue for the quarter was up 13.2% compared to the same quarter last year. As a group, analysts forecast that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were paid a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp’s dividend payout ratio is presently 25.78%.

About Old National Bancorp

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.