Old National Bancorp (NASDAQ:ONB) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is positive: Old National Bancorp has a consensus “Moderate Buy” rating from 14 analysts, with 11 buys and three holds. The average 12-month price target is $29.92, above the reported $24.86 share price.
• Recent financial results exceeded expectations: The bank reported quarterly EPS of $0.65 versus a $0.63 consensus estimate, while revenue rose 13.2% year over year to $726.86 million.
• Institutional ownership remains substantial, but insiders sold shares: Institutions own 83.66% of the stock, while CEO Chady Alahmar and insider Nicholas Chulos recently reduced their holdings. The company also pays a quarterly dividend of $0.145, equal to a 2.3% annualized yield.

Shares of Old National Bancorp (NASDAQ:ONB - Get Free Report) have received a consensus rating of "Moderate Buy" from the fourteen brokerages that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $29.92.

A number of analysts have commented on the stock. Barclays boosted their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. UBS Group started coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a "buy" rating and a $32.00 price target for the company. Truist Financial raised their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Jefferies Financial Group reaffirmed a "hold" rating and set a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Finally, Piper Sandler assumed coverage on shares of Old National Bancorp in a research note on Thursday, September 17th. They issued an "overweight" rating and a $32.00 price target on the stock.

Insider Activity at Old National Bancorp

In other news, CEO Chady Alahmar sold 11,771 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the sale, 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nicholas Chulos sold 20,000 shares of the firm's stock in a transaction 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 owned 53,544 shares in the company, valued at approximately $1,427,483.04. The trade was a 27.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On Old National Bancorp

Large investors have recently modified their holdings of the business. Bank of America Corp DE increased its position in Old National Bancorp by 2.5% during the first quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank's stock worth $93,462,000 after buying an additional 102,956 shares during the last quarter. NFJ Investment Group LLC acquired a new position in Old National Bancorp in the 2nd quarter valued at about $30,919,000. Quantinno Capital Management LP boosted its position in shares of Old National Bancorp by 200.0% in the first quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank's stock valued at $3,387,000 after acquiring an additional 102,159 shares during the period. Deutsche Bank AG bought a new position in Old National Bancorp during the second quarter worth about $9,460,000. Finally, BlackRock Inc. bought a new stake in Old National Bancorp in the 2nd quarter valued at about $1,215,819,000. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $24.86 on Tuesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $27.36. The company's fifty day moving average price is $25.90 and its two-hundred day moving average price is $24.81. The firm has a market capitalization of $9.51 billion, a P/E ratio of 11.05 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, topping 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 analyst estimates of $716.25 million. During the same quarter last year, the firm earned $0.53 EPS. The business's revenue was up 13.2% on a year-over-year basis. On average, research analysts anticipate that Old National Bancorp will post 2.61 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Saturday, September 5th were paid a $0.1450 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a yield of 2.3%. Old National Bancorp's dividend payout ratio (DPR) is presently 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.

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