Old National Bancorp (NASDAQ:ONB) Now Covered by Analysts at Stephens

Stephens assumed coverage on shares of Old National Bancorp (NASDAQ:ONB) in a research note published on Friday morning, MarketBeat reports. The brokerage issued an overweight rating and a $27.00 target price on the bank’s stock.

A number of other analysts have also weighed in on ONB. UBS Group reissued a “neutral” rating and set a $26.00 price objective on shares of Old National Bancorp in a research note on Wednesday, February 4th. Royal Bank Of Canada upped their price target on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a report on Thursday, January 22nd. Truist Financial increased their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th. Finally, Citigroup boosted their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.36.

Old National Bancorp Trading Down 1.4%

NASDAQ ONB opened at $21.43 on Friday. The firm has a market cap of $8.35 billion, a PE ratio of 11.97 and a beta of 0.84. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $26.17. The stock has a 50-day moving average of $23.51 and a 200-day moving average of $22.43. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.86.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.03. The business had revenue of $698.53 million for the quarter, compared to analyst estimates of $705.62 million. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.During the same period last year, the company earned $0.49 EPS. As a group, sell-side analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be paid a dividend of $0.145 per share. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $0.58 annualized dividend and a dividend yield of 2.7%. Old National Bancorp’s payout ratio is 32.40%.

Insider Activity at Old National Bancorp

In related news, insider Nicholas J. Chulos sold 30,000 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total value of $751,500.00. Following the completion of the sale, the insider owned 20,438 shares of the company’s stock, valued at $511,971.90. This trade represents a 59.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.87% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its holdings in shares of Old National Bancorp by 5.3% during the 3rd quarter. Principal Financial Group Inc. now owns 786,469 shares of the bank’s stock worth $17,263,000 after acquiring an additional 39,892 shares during the period. Vanguard Group Inc. raised its position in shares of Old National Bancorp by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after acquiring an additional 3,379,577 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Old National Bancorp by 7.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 2,799,932 shares of the bank’s stock valued at $61,459,000 after purchasing an additional 204,788 shares during the period. Boston Partners lifted its stake in shares of Old National Bancorp by 0.9% in the 2nd quarter. Boston Partners now owns 1,895,273 shares of the bank’s stock valued at $40,307,000 after purchasing an additional 17,033 shares during the period. Finally, Pacer Advisors Inc. boosted its position in shares of Old National Bancorp by 481.5% during the third quarter. Pacer Advisors Inc. now owns 60,480 shares of the bank’s stock valued at $1,328,000 after purchasing an additional 50,080 shares in 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 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.