Old National Bancorp's (ONB) Overweight Rating Reiterated at Piper Sandler

Key Points

• Piper Sandler reiterated an “overweight” rating on Old National Bancorp and maintained a $32 price target, implying 26.43% upside from the stock’s $25.31 opening price.
• Analyst sentiment remains favorable, with 10 Buy ratings and three Holds; the consensus rating is “Moderate Buy” and the average price target is $30.25.
• Old National Bancorp exceeded quarterly expectations, reporting $0.65 in EPS versus $0.63 expected and $726.86 million in revenue, up 13.2% year over year.

Old National Bancorp (NASDAQ:ONB - Get Free Report)'s stock had its "overweight" rating reissued by equities research analysts at Piper Sandler in a research note issued on Thursday, Benzinga reports. They presently have a $32.00 price target on the bank's stock. Piper Sandler's price target would indicate a potential upside of 26.43% from the company's current price.

Several other research firms also recently issued reports on ONB. Weiss Ratings restated a "buy (b)" rating on shares of Old National Bancorp in a report on Tuesday, September 1st. 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 began coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a "buy" rating and a $32.00 target price on the stock. JPMorgan Chase & Co. started coverage on shares of Old National Bancorp in a report on Friday, September 11th. They issued an "overweight" rating and a $32.00 price target for the company. Finally, Raymond James Financial began coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They set a "market perform" rating for the company. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Old National Bancorp has an average rating of "Moderate Buy" and a consensus price target of $30.25.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $25.31 on Thursday. The business's fifty day simple moving average is $26.26 and its 200-day simple moving average is $24.57. The company has a market cap of $9.68 billion, a PE ratio of 11.25 and a beta of 0.83. 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 posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share 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 during the quarter, compared to analysts' expectations of $716.25 million. During the same quarter last year, the firm earned $0.53 EPS. The business's quarterly revenue was up 13.2% on a year-over-year basis. Analysts expect that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, CEO Chady Alahmar sold 11,771 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $26.41, for a total transaction of $310,872.11. Following the sale, the chief executive officer directly owned 63,531 shares of the company's stock, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas Chulos sold 20,000 shares of Old National Bancorp stock in a transaction dated Tuesday, July 28th. The shares were 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 of the company's stock, valued at $1,427,483.04. The trade was a 27.19% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ONB. Archer Investment Corp acquired a new stake in shares of Old National Bancorp during the 2nd quarter worth approximately $39,000. Integrated Wealth Concepts LLC acquired a new position in shares of Old National Bancorp in the 2nd quarter valued at $41,000. FNY Investment Advisers LLC purchased a new stake in Old National Bancorp during the second quarter worth $49,000. Eurizon Capital SGR S.p.A. purchased a new stake in Old National Bancorp during the fourth quarter worth $54,000. Finally, Philadelphia Investment Partners LLC acquired a new stake in Old National Bancorp during the second quarter valued at $81,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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.

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