Old National Bancorp (NASDAQ:ONB) Receives Average Recommendation of “Moderate Buy” from Analysts

Old National Bancorp (NASDAQ:ONB) has earned an average recommendation of “Moderate Buy” from the twelve ratings firms that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $29.3636.

ONB has been the topic of several research reports. Raymond James Financial assumed coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a “market perform” rating on the stock. Truist Financial boosted their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Citigroup increased their price objective on shares of Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research report on Tuesday, September 1st. Finally, Barclays raised their price target on Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th.

Insider Transactions at Old National Bancorp

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total transaction of $310,872.11. Following the transaction, the chief executive officer owned 63,531 shares of the company’s stock, valued at $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the transaction, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds have recently added to or reduced their stakes in ONB. Kemnay Advisory Services Inc. acquired a new stake in Old National Bancorp during the fourth quarter worth approximately $27,000. Los Angeles Capital Management LLC bought a new position in Old National Bancorp during the 4th quarter worth $36,000. Peterson Wealth Services lifted its holdings in shares of Old National Bancorp by 9,711.8% during the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock worth $37,000 after buying an additional 1,651 shares in the last quarter. Archer Investment Corp acquired a new stake in shares of Old National Bancorp during the second quarter worth $39,000. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Old National Bancorp in the second quarter valued at about $41,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Stock Up 0.7%

Shares of ONB stock opened at $25.60 on Friday. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $27.36. 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 firm has a fifty day moving average of $26.30 and a 200-day moving average of $24.53. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of 11.38 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The firm had revenue of $726.86 million during the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The company’s revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 EPS. As a group, equities research analysts predict that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be paid 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 2.3%. Old National Bancorp’s payout ratio is currently 25.78%.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is a regional financial services holding company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and wealth management services to individuals, families, businesses and institutions.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury and cash management services, credit and debit cards, online and mobile banking, and investment and wealth management services.