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

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

ONB has been the subject of several research reports. Truist Financial increased their price objective 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. Barclays boosted their price target on Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. UBS Group began coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price objective for the company. Keefe, Bruyette & Woods boosted their target price on Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th.

Insider Buying and Selling at Old National Bancorp

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Old National Bancorp during the 2nd quarter worth approximately $1,215,819,000. Dimensional Fund Advisors LP grew its stake in shares of Old National Bancorp by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock valued at $395,193,000 after buying an additional 310,352 shares in the last quarter. State Street Corp grew its stake in shares of Old National Bancorp by 5.6% in the third quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock valued at $365,816,000 after buying an additional 890,309 shares in the last quarter. Geode Capital Management LLC increased its holdings in Old National Bancorp by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock worth $215,958,000 after buying an additional 91,341 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in Old National Bancorp by 37.5% during the fourth quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank’s stock worth $160,381,000 after buying an additional 1,961,525 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock opened at $27.17 on Monday. The company has a market capitalization of $10.39 billion, a P/E ratio of 12.08 and a beta of 0.84. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94. The business has a 50-day moving average of $26.03 and a two-hundred day moving average of $24.41. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.36.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. The business had revenue of $726.86 million during the quarter, compared to analyst estimates of $716.25 million. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.Old National Bancorp’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.53 EPS. As a group, equities analysts predict that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Saturday, September 5th will be given a $0.145 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a yield of 2.1%. Old National Bancorp’s dividend payout ratio (DPR) is 25.78%.

Old National Bancorp Company Profile

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.