Old National Bancorp (NASDAQ:ONB) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts give Old National Bancorp a “Moderate Buy” consensus: Nine of 12 analysts rate the stock a buy, while three recommend holding it. The average 12-month price target is $29.36, above its $27.17 opening price.
• Quarterly results exceeded expectations: The bank reported earnings of $0.65 per share versus the $0.63 consensus estimate, while revenue rose 13.2% year over year to $726.86 million.
• Old National declared a quarterly dividend of $0.145 per share, equivalent to an annualized $0.58 payout and a 2.1% yield. Meanwhile, two insiders sold shares, and institutional investors own 83.66% of the company.

Old National Bancorp (NASDAQ:ONB - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twelve ratings firms that are covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $29.3636.

Several analysts have recently commented on ONB shares. 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 on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a research report on Thursday, April 23rd. Royal Bank Of Canada upped their price objective on Old National Bancorp from $28.00 to $29.00 and gave the stock a "sector perform" rating in a report on Thursday, July 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, July 22nd.

Insider Buying and Selling

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the firm's stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas J. Chulos sold 20,000 shares of Old National Bancorp 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 sale, the insider directly owned 53,544 shares of the company's stock, valued at $1,427,483.04. This represents 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 Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Kemnay Advisory Services Inc. bought a new position in shares of Old National Bancorp in the 4th quarter worth $27,000. Los Angeles Capital Management LLC bought a new stake in Old National Bancorp in the fourth quarter valued at about $36,000. Peterson Wealth Services increased its holdings in Old National Bancorp by 9,711.8% in the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank's stock valued at $37,000 after purchasing an additional 1,651 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in Old National Bancorp in the second quarter valued at about $49,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Old National Bancorp in the fourth quarter valued at about $54,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Price Performance

Shares of NASDAQ ONB opened at $27.17 on Monday. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $27.36. The firm's 50-day simple moving average is $26.03 and its 200 day simple moving average is $24.41. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. The company has a market cap of $10.39 billion, a price-to-earnings ratio of 12.08 and a beta of 0.84.

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, beating the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. 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 company posted $0.53 EPS. The company's quarterly revenue was up 13.2% compared to the same quarter last year. On average, research analysts expect that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be given a dividend of $0.145 per share. The ex-dividend date is Friday, September 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.1%. Old National Bancorp's payout ratio is currently 25.78%.

About Old National Bancorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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