Jefferies Financial Group Forecasts Strong Price Appreciation for Old National Bancorp (NASDAQ:ONB) Stock

Key Points

• Jefferies raised its price target on Old National Bancorp from $23 to $25 but kept a "hold" rating; analysts overall rate the stock a Moderate Buy with an average target of $27.60, implying additional upside.
• Old National reported Q1 EPS of $0.61 (vs. $0.60 est.) and revenue of $702.69M (marginally below the $706.62M estimate) with revenue up 44.4% year-over-year; the shares trade around $24 with a market cap of $9.28B and a PE of 13.42.
• An insider sold 30,000 shares in February (insiders now own 0.72%), while institutional ownership is high at 83.66% with sizable position increases by Vanguard, Morgan Stanley and Goldman Sachs.

Old National Bancorp (NASDAQ:ONB - Get Free Report) had its price objective increased by Jefferies Financial Group from $23.00 to $25.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the bank's stock. Jefferies Financial Group's target price would indicate a potential upside of 4.08% from the stock's current price.

Several other research analysts have also recently commented on the company. Citigroup boosted their price target on Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Truist Financial boosted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Monday, January 26th. TD Cowen raised Old National Bancorp from a "hold" rating to a "buy" rating and boosted their price objective for the company from $27.00 to $30.00 in a report on Thursday, January 22nd. National Bank Financial set a $30.00 price objective on Old National Bancorp in a report on Thursday, January 22nd. Finally, Stephens assumed coverage on Old National Bancorp in a report on Friday, March 27th. They issued an "overweight" rating and a $27.00 price objective for the company. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $27.60.

Old National Bancorp Stock Up 1.1%

Shares of NASDAQ:ONB traded up $0.25 during trading on Wednesday, hitting $24.02. The company's stock had a trading volume of 6,990,687 shares, compared to its average volume of 3,183,096. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.93 and a current ratio of 0.93. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $26.17. The stock's 50-day moving average price is $23.01 and its two-hundred day moving average price is $22.55. The company has a market capitalization of $9.28 billion, a PE ratio of 13.42 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.The business had revenue of $702.69 million for the quarter, compared to analysts' expectations of $706.62 million. During the same quarter in the previous year, the firm posted $0.45 earnings per share. The company's revenue was up 44.4% compared to the same quarter last year. As a group, sell-side analysts expect that Old National Bancorp will post 2.58 EPS for the current year.

Insider Activity at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 30,000 shares of the company's stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total transaction of $751,500.00. Following the completion of the transaction, the insider directly owned 20,438 shares of the company's stock, valued at approximately $511,971.90. This represents a 59.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.72% of the company's stock.

Hedge Funds Weigh In On Old National Bancorp

Several institutional investors have recently made changes to their positions in ONB. Vanguard Group Inc. grew its holdings in shares of Old National Bancorp by 10.1% during the third quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank's stock valued at $808,047,000 after purchasing an additional 3,379,577 shares during the last quarter. Norges Bank bought a new position in shares of Old National Bancorp during the fourth quarter valued at approximately $72,661,000. Morgan Stanley grew its holdings in shares of Old National Bancorp by 69.8% during the fourth quarter. Morgan Stanley now owns 6,776,716 shares of the bank's stock valued at $151,189,000 after purchasing an additional 2,785,474 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Old National Bancorp by 104.6% during the third quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank's stock valued at $114,738,000 after purchasing an additional 2,672,319 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Old National Bancorp by 65.8% during 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. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Company Profile

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.

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