Analysts Set Old National Bancorp (NASDAQ:ONB) PT at $20.25

Posted by Defense World Staff on Mar 18th, 2023

Old National Bancorp (NASDAQ:ONB – Get Rating) has been given an average recommendation of “Hold” by the six analysts that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $20.25.

Several analysts have recently weighed in on ONB shares. StockNews.com started coverage on Old National Bancorp in a report on Thursday. They issued a “hold” rating for the company. UBS Group initiated coverage on Old National Bancorp in a research note on Wednesday. They set a “neutral” rating and a $16.00 price objective for the company.

Insider Buying and Selling

In related news, Chairman Michael L. Scudder sold 9,308 shares of the company’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $17.75, for a total value of $165,217.00. Following the sale, the chairman now owns 204,297 shares in the company, valued at approximately $3,626,271.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Old National Bancorp news, Chairman Michael L. Scudder sold 50,000 shares of the firm’s stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $17.90, for a total transaction of $895,000.00. Following the completion of the transaction, the chairman now owns 290,796 shares of the company’s stock, valued at $5,205,248.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael L. Scudder sold 9,308 shares of the business’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $17.75, for a total value of $165,217.00. Following the completion of the transaction, the chairman now directly owns 204,297 shares of the company’s stock, valued at $3,626,271.75. The disclosure for this sale can be found here. Insiders have sold a total of 84,308 shares of company stock worth $1,510,217 in the last quarter. Company insiders own 0.70% of the company’s stock.

Institutional Trading of Old National Bancorp

A number of large investors have recently made changes to their positions in ONB. EverSource Wealth Advisors LLC boosted its stake in shares of Old National Bancorp by 50.0% during the third quarter. EverSource Wealth Advisors LLC now owns 1,603 shares of the bank’s stock valued at $26,000 after acquiring an additional 534 shares during the last quarter. Group One Trading L.P. lifted its position in Old National Bancorp by 472.0% during the third quarter. Group One Trading L.P. now owns 1,836 shares of the bank’s stock worth $30,000 after buying an additional 1,515 shares during the period. Toth Financial Advisory Corp purchased a new position in Old National Bancorp during the fourth quarter worth about $34,000. Quadrant Capital Group LLC lifted its position in Old National Bancorp by 54.6% during the third quarter. Quadrant Capital Group LLC now owns 2,238 shares of the bank’s stock worth $37,000 after buying an additional 790 shares during the period. Finally, Money Concepts Capital Corp purchased a new position in Old National Bancorp during the fourth quarter worth about $39,000. Institutional investors and hedge funds own 76.41% of the company’s stock.

Old National Bancorp Stock Down 4.2 %

Shares of NASDAQ ONB opened at $14.39 on Wednesday. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of 10.04 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50-day moving average of $17.47 and a two-hundred day moving average of $17.77. Old National Bancorp has a 1 year low of $14.06 and a 1 year high of $20.19.

Old National Bancorp (NASDAQ:ONB – Get Rating) last announced its quarterly earnings results on Tuesday, January 24th. The bank reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). Old National Bancorp had a return on equity of 11.30% and a net margin of 23.10%. The business had revenue of $622.86 million for the quarter, compared to analysts’ expectations of $471.30 million. During the same period last year, the firm earned $0.34 earnings per share. On average, analysts forecast that Old National Bancorp will post 2.16 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Wednesday, March 1st were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date of this dividend was Tuesday, February 28th. Old National Bancorp’s dividend payout ratio is currently 40.29%.

About Old National Bancorp

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Old National Bancorp operates as a financial holding company. It engages in the provision of financial and banking solutions. The firm’s Community Banking segment provides commercial, real estate and consumer loans, time deposits, checking and savings accounts, cash management, brokerage, trust and investment advisory services.