Old National Bancorp (NASDAQ:ONB) Stock Price Breaks Above 50 Day Moving Average Following Analyst Downgrade

Key Points

• Old National Bancorp shares rose above their 50-day moving average, reaching $25.70 and last trading at $25.36; Weiss Ratings raised its rating from “buy” to “buy+.”
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $29.57; 12 analysts rate the stock Buy and two rate it Hold.
• The bank reported quarterly earnings of $0.66 per share, matching estimates, while revenue of $719 million came in below the $732 million analyst consensus.

Old National Bancorp (NASDAQ:ONB - Get Free Report) passed above its 50 day moving average during trading on Monday after Weiss Ratings upgraded the stock from a buy (b) rating to a buy (b+) rating. The stock has a 50 day moving average of $25.17 and traded as high as $25.70. Old National Bancorp shares last traded at $25.36, with a volume of 3,033,300 shares traded.

Other research analysts also recently issued reports about the company. UBS Group initiated coverage on Old National Bancorp in a research note on Tuesday, July 7th. They set a "buy" rating and a $32.00 price objective for the company. JPMorgan Chase & Co. decreased their target price on shares of Old National Bancorp from $30.00 to $29.00 and set an "overweight" rating on the stock in a research note on Thursday, October 22nd. Truist Financial lifted their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Royal Bank Of Canada lowered their price target on shares of Old National Bancorp from $29.00 to $28.00 and set a "sector perform" rating on the stock in a report on Friday, October 9th. Finally, Piper Sandler started coverage on shares of Old National Bancorp in a research report on Thursday, September 17th. They issued an "overweight" rating and a $32.00 price target for the company. Twelve analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Old National Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $29.57.

Insider Buying and Selling

In other Old National Bancorp news, CFO John Moran sold 19,261 shares of the firm's stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $25.57, for a total transaction of $492,503.77. Following the sale, the chief financial officer directly owned 101,467 shares of the company's stock, valued at $2,594,511.19. This trade represents a 15.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Institutional Trading of Old National Bancorp

Several institutional investors have recently made changes to their positions in ONB. West Family Investments Inc. purchased a new stake in Old National Bancorp during the third quarter valued at approximately $332,000. Hantz Financial Services Inc. boosted its holdings in shares of Old National Bancorp by 1.0% in the 3rd quarter. Hantz Financial Services Inc. now owns 61,769 shares of the bank's stock worth $1,522,000 after purchasing an additional 603 shares during the period. Fisher Asset Management LLC increased its position in shares of Old National Bancorp by 4.1% during the 3rd quarter. Fisher Asset Management LLC now owns 3,791,863 shares of the bank's stock valued at $93,432,000 after purchasing an additional 147,646 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Old National Bancorp by 42.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 329,354 shares of the bank's stock valued at $8,116,000 after purchasing an additional 97,484 shares during the last quarter. Finally, Ritholtz Wealth Management increased its position in shares of Old National Bancorp by 301.3% during the 3rd quarter. Ritholtz Wealth Management now owns 39,784 shares of the bank's stock valued at $980,000 after purchasing an additional 29,871 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Old National Bancorp Stock Up 1.7%

The company has a fifty day moving average of $25.17 and a two-hundred day moving average of $24.67. The company has a market cap of $9.59 billion, a PE ratio of 10.35 and a beta of 0.88. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.93 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The bank reported $0.66 EPS for the quarter, hitting the consensus estimate of $0.66. The company had revenue of $719.00 million during the quarter, compared to analyst estimates of $732.04 million. Old National Bancorp had a net margin of 23.36% and a return on equity of 12.02%. During the same period in the previous year, the firm earned $0.59 earnings per share. As a group, analysts anticipate that Old National Bancorp will post 2.57 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th were given a dividend of $0.1450 per share. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, September 4th. Old National Bancorp's payout ratio is 23.67%.

Old National Bancorp Company Profile

Old National Bancorp is a regional bank holding company headquartered in Evansville, Indiana. Founded in 1834, it operates primarily through Old National Bank, serving individuals, businesses and organizations across the Midwest.

The company offers consumer and commercial banking services, including checking and savings accounts, loans, mortgages, treasury management and digital banking. It also provides wealth management and trust services, as well as solutions for businesses and institutional clients.

Old National has expanded over its history through organic growth and acquisitions, building a presence in markets including Indiana, Illinois, Michigan, Wisconsin, Minnesota and Kentucky.

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