Old National Bancorp (NASDAQ:ONB) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Moderate Buy consensus from 10 analysts (7 buys, 3 holds) with an average 12‑month price target of $27.50; several brokers have recently raised targets (Barclays to $30, Truist to $27).
• Insider Nicholas J. Chulos sold 30,000 shares on Feb. 3 at $25.05, a 59.48% reduction in his position; company insiders now own 0.72% of shares.
• Old National reported $0.62 EPS vs. a $0.59 consensus and announced a $0.145 quarterly dividend (annualized $0.58, ~2.5% yield).

Shares of Old National Bancorp (NASDAQ:ONB - Get Free Report) have received an average recommendation of "Moderate Buy" from the ten ratings firms that are currently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $27.50.

Several brokerages have recently issued reports on ONB. Barclays lifted their price target on Old National Bancorp from $29.00 to $30.00 and gave the company an "overweight" rating in a report on Tuesday, April 7th. National Bank Financial set a $30.00 price target on Old National Bancorp in a report on Thursday, January 22nd. UBS Group reiterated a "neutral" rating and set a $26.00 price target on shares of Old National Bancorp in a report on Wednesday, February 4th. Stephens began coverage on Old National Bancorp in a report on Friday, March 27th. They set an "overweight" rating and a $27.00 price target for the company. Finally, Truist Financial lifted their price target on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Monday, January 26th.

Insiders Place Their Bets

In related news, insider Nicholas J. Chulos sold 30,000 shares of the business'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 value of $751,500.00. Following the completion of the sale, the insider directly owned 20,438 shares in the company, valued at approximately $511,971.90. The trade was a 59.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Carlson Capital L.P. lifted its holdings in Old National Bancorp by 1.1% in the 4th quarter. Carlson Capital L.P. now owns 38,000 shares of the bank's stock worth $848,000 after purchasing an additional 400 shares during the last quarter. Rothschild Investment LLC lifted its holdings in Old National Bancorp by 72.3% in the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank's stock worth $28,000 after purchasing an additional 535 shares during the last quarter. Glenmede Investment Management LP lifted its holdings in Old National Bancorp by 1.0% in the 3rd quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank's stock worth $1,362,000 after purchasing an additional 625 shares during the last quarter. Connable Office Inc. lifted its holdings in shares of Old National Bancorp by 2.9% during the third quarter. Connable Office Inc. now owns 22,191 shares of the bank's stock worth $487,000 after buying an additional 635 shares during the last quarter. Finally, Quantum Portfolio Management LLC lifted its holdings in shares of Old National Bancorp by 4.5% during the third quarter. Quantum Portfolio Management LLC now owns 16,058 shares of the bank's stock worth $352,000 after buying an additional 690 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Trading Up 0.5%

NASDAQ:ONB opened at $23.61 on Tuesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.93 and a quick ratio of 0.93. Old National Bancorp has a fifty-two week low of $18.38 and a fifty-two week high of $26.17. The stock's 50-day moving average is $23.24 and its two-hundred day moving average is $22.47. The stock has a market cap of $9.12 billion, a PE ratio of 13.19 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.03. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.The company had revenue of $698.53 million for the quarter, compared to analysts' expectations of $705.62 million. During the same quarter in the previous year, the business posted $0.49 EPS. As a group, equities research analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, May 16th. Investors of record on Tuesday, May 5th will be issued a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, May 5th. Old National Bancorp's payout ratio is 32.40%.

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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