Piper Sandler Reaffirms “Overweight” Rating for Old National Bancorp (NASDAQ:ONB)

Old National Bancorp (NASDAQ:ONB)‘s stock had its “overweight” rating reissued by research analysts at Piper Sandler in a report released on Thursday, Benzinga reports. They presently have a $32.00 price objective on the bank’s stock. Piper Sandler’s price objective points to a potential upside of 26.43% from the company’s previous close.

A number of other research firms have also recently issued reports on ONB. TD Cowen lifted their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Raymond James Financial assumed coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “market perform” rating for the company. National Bank Financial set a $32.00 price objective on shares of Old National Bancorp in a report on Friday, September 11th. Jefferies Financial Group reiterated a “hold” rating and issued a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Finally, Citigroup boosted their target price 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. Ten analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.25.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $25.31 on Thursday. The company has a market capitalization of $9.68 billion, a P/E ratio of 11.25 and a beta of 0.83. The business’s 50 day moving average is $26.26 and its two-hundred day moving average is $24.57. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.95. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $27.36.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. The business 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 business’s revenue was up 13.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.53 earnings per share. Analysts expect that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Allworth Financial LP increased its holdings in Old National Bancorp by 17.5% during the 4th quarter. Allworth Financial LP now owns 5,350 shares of the bank’s stock valued at $119,000 after acquiring an additional 797 shares in the last quarter. Ritholtz Wealth Management lifted its holdings in shares of Old National Bancorp by 12.0% in the first quarter. Ritholtz Wealth Management now owns 10,477 shares of the bank’s stock valued at $232,000 after purchasing an additional 1,126 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Old National Bancorp by 11.5% in the second quarter. GAMMA Investing LLC now owns 11,060 shares of the bank’s stock valued at $286,000 after purchasing an additional 1,141 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Old National Bancorp by 8.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,356 shares of the bank’s stock valued at $343,000 after purchasing an additional 1,150 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its position in shares of Old National Bancorp by 12.1% in the first quarter. Sanctuary Advisors LLC now owns 11,013 shares of the bank’s stock valued at $243,000 after purchasing an additional 1,191 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.