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

Key Points

• Old National Bancorp has received a consensus rating of "Moderate Buy" from nine brokerages, with an average 1-year price target of $26.40.
• The company's recent quarterly earnings report showed an EPS of $0.53, surpassing analyst expectations, and it also announced a dividend of $0.14 per share, yielding 2.4%.
• Institutional investors hold approximately 83.66% of Old National Bancorp’s stock, indicating significant interest from major financial entities.

Old National Bancorp (NASDAQ:ONB - Get Free Report) has earned an average rating of "Moderate Buy" from the nine analysts that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $26.40.

Several equities research analysts recently issued reports on ONB shares. Truist Financial lifted their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Royal Bank Of Canada lifted their price objective on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 23rd. Jefferies Financial Group started coverage on shares of Old National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price objective for the company. Barclays lifted their price objective on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $27.00 price objective (up previously from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Summit Securities Group LLC acquired a new position in Old National Bancorp during the 1st quarter worth $32,000. Hantz Financial Services Inc. lifted its position in Old National Bancorp by 310.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank's stock worth $33,000 after acquiring an additional 1,159 shares during the last quarter. USA Financial Formulas acquired a new position in Old National Bancorp during the 1st quarter worth $50,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Old National Bancorp during the 1st quarter worth about $51,000. Finally, Signaturefd LLC increased its holdings in shares of Old National Bancorp by 22.7% during the 2nd quarter. Signaturefd LLC now owns 3,297 shares of the bank's stock worth $70,000 after purchasing an additional 609 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Stock Up 0.6%

Shares of Old National Bancorp stock traded up $0.15 on Monday, hitting $22.92. 631,440 shares of the company traded hands, compared to its average volume of 3,174,186. The company has a 50-day moving average price of $21.97 and a 200 day moving average price of $21.38. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49. The company has a market cap of $8.98 billion, a PE ratio of 13.56 and a beta of 0.89.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, beating the consensus estimate of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The business had revenue of $633.41 million for the quarter, compared to analysts' expectations of $622.83 million. During the same period in the previous year, the company posted $0.46 EPS. Sell-side analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. Old National Bancorp's payout ratio is currently 33.14%.

About Old National Bancorp

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.