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

Key Points

• Wells Fargo upgraded Old National Bancorp to “strong buy,” adding to a broadly positive analyst outlook. The stock has an average “moderate buy” rating and an average price target of $30.15, versus a reported opening price of $25.09.
• Old National’s latest quarterly results exceeded expectations, with earnings per share of $0.65 versus the $0.63 consensus and revenue of $726.86 million. Revenue increased 13.2% year over year, while analysts expect approximately $2.60 in full-year EPS.
• Institutional investors own 83.66% of the company, although two insiders recently sold shares, including the CEO’s sale of 11,771 shares and another insider’s sale of 20,000 shares.

Old National Bancorp (NASDAQ:ONB - Get Free Report) was upgraded by analysts at Wells Fargo & Company to a "strong-buy" rating in a research note issued to investors on Thursday, Zacks reports.

Other research analysts also recently issued reports about the stock. National Bank Financial set a $32.00 target price on shares of Old National Bancorp in a research note on Friday, September 11th. UBS Group initiated 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 on the stock. Piper Sandler assumed coverage on shares of Old National Bancorp in a research report on Thursday, September 17th. They issued an "overweight" rating and a $32.00 price objective on the stock. Jefferies Financial Group reiterated a "hold" rating and set a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. started coverage on Old National Bancorp in a research note on Friday, September 11th. They issued an "overweight" rating and a $32.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $30.15.

Old National Bancorp Stock Up 1.4%

Shares of NASDAQ:ONB opened at $25.09 on Thursday. The stock has a market capitalization of $9.60 billion, a P/E ratio of 11.15 and a beta of 0.83. The stock's 50-day moving average price is $26.10 and its 200-day moving average price is $24.66. 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 has a 12-month low of $19.39 and a 12-month high of $27.36.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued 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 return on equity of 11.80% and a net margin of 21.60%.The company had revenue of $726.86 million during the quarter, compared to analysts' expectations of $716.25 million. During the same period in the prior year, the business posted $0.53 EPS. Old National Bancorp's quarterly revenue was up 13.2% compared to the same quarter last year. On average, equities analysts anticipate that Old National Bancorp will post 2.6 earnings per share for the current year.

Insider Transactions 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 that occurred 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicholas J. Chulos sold 20,000 shares of the company's stock in a transaction that occurred 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 transaction, the insider owned 53,544 shares in the company, valued at $1,427,483.04. This trade represents a 27.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is owned by corporate insiders.

Institutional Trading of Old National Bancorp

Hedge funds have recently modified their holdings of the business. Ritholtz Wealth Management increased its position in shares of Old National Bancorp by 12.0% in the 1st quarter. Ritholtz Wealth Management now owns 10,477 shares of the bank's stock worth $232,000 after purchasing an additional 1,126 shares during the last quarter. GAMMA Investing LLC grew its stake in Old National Bancorp by 11.5% in the second quarter. GAMMA Investing LLC now owns 11,060 shares of the bank's stock worth $286,000 after purchasing an additional 1,141 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Old National Bancorp by 8.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,356 shares of the bank's stock valued at $343,000 after buying an additional 1,150 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in Old National Bancorp by 12.1% during the 1st quarter. Sanctuary Advisors LLC now owns 11,013 shares of the bank's stock worth $243,000 after buying an additional 1,191 shares during the last quarter. Finally, State of Michigan Retirement System lifted its holdings in Old National Bancorp by 1.6% during the 1st quarter. State of Michigan Retirement System now owns 83,442 shares of the bank's stock worth $1,844,000 after buying an additional 1,300 shares during the last quarter. Institutional investors 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.

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