Old National Bancorp (NASDAQ:ONB) Upgraded to "Outperform" at Raymond James Financial

Key Points

• Raymond James upgraded Old National Bancorp to “Outperform” from “Market Perform” and set a $29 price target, implying 16.65% upside from the prior close.
• Analyst sentiment remains positive, with 12 Buy ratings and two Holds; the consensus rating is “Moderate Buy” with an average target price of $29.86.
• Old National reported quarterly EPS of $0.65, beating estimates by $0.02, while revenue rose 13.2% year over year to $726.86 million. The stock opened at $24.86, down 0.4%.

Old National Bancorp (NASDAQ:ONB - Get Free Report) was upgraded by Raymond James Financial from a "market perform" rating to an "outperform" rating in a report issued on Tuesday, Briefing.com reports. The brokerage presently has a $29.00 price target on the bank's stock. Raymond James Financial's price objective would suggest a potential upside of 16.65% from the company's previous close.

ONB has been the topic of several other reports. TD Cowen dropped their target price on Old National Bancorp from $31.00 to $30.00 and set a "buy" rating on the stock in a report on Monday. Wells Fargo & Company initiated coverage on Old National Bancorp in a report on Thursday, September 24th. They issued an "overweight" rating and a $30.00 price target for the company. Piper Sandler began coverage on 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. Citigroup dropped their price objective on shares of Old National Bancorp from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, September 22nd. Finally, Truist Financial lifted their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Old National Bancorp has an average rating of "Moderate Buy" and a consensus target price of $29.86.

Old National Bancorp Trading Down 0.4%

NASDAQ ONB opened at $24.86 on Tuesday. 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 current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $9.51 billion, a PE ratio of 11.05 and a beta of 0.86. The company has a fifty day moving average of $25.90 and a 200 day moving average of $24.81.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. The company had revenue of $726.86 million for the quarter, compared to the consensus estimate of $716.25 million. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The firm's revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period last year, the firm earned $0.53 EPS. Research analysts forecast that Old National Bancorp will post 2.61 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Nicholas Chulos sold 20,000 shares of the business'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 transaction of $533,200.00. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Chady Alahmar sold 11,771 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the transaction, the chief executive officer directly owned 63,531 shares of the company's stock, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.72% of the company's stock.

Institutional Trading of Old National Bancorp

Large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Old National Bancorp in the 2nd quarter worth approximately $1,215,819,000. Dimensional Fund Advisors LP grew its position in shares of Old National Bancorp by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank's stock valued at $395,193,000 after purchasing an additional 310,352 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Old National Bancorp in the second quarter valued at approximately $134,610,000. Goldman Sachs Group Inc. increased its holdings in shares of Old National Bancorp by 65.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,956,160 shares of the bank's stock valued at $110,572,000 after purchasing an additional 1,966,958 shares during the last quarter. Finally, Verition Fund Management LLC increased its holdings in shares of Old National Bancorp by 51.8% in the fourth quarter. Verition Fund Management LLC now owns 4,791,967 shares of the bank's stock valued at $106,909,000 after purchasing an additional 1,635,223 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

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.

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