StockNews.com Begins Coverage on Old National Bancorp (NASDAQ:ONB)

Posted by Jon Anderson on Mar 19th, 2023

StockNews.com began coverage on shares of Old National Bancorp (NASDAQ:ONB – Get Rating) in a report released on Thursday morning. The firm issued a hold rating on the bank’s stock.

Separately, UBS Group initiated coverage on shares of Old National Bancorp in a research note on Wednesday. They issued a neutral rating and a $16.00 target price on the stock. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $20.25.

Old National Bancorp Price Performance

ONB stock opened at $14.39 on Thursday. The stock has a 50-day moving average price of $17.39 and a two-hundred day moving average price of $17.75. The company has a market cap of $4.22 billion, a PE ratio of 10.35 and a beta of 0.84. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93. Old National Bancorp has a 12-month low of $14.06 and a 12-month high of $20.19.

Old National Bancorp (NASDAQ:ONB – Get Rating) last issued its 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). The firm had revenue of $622.86 million for the quarter, compared to analysts’ expectations of $471.30 million. Old National Bancorp had a return on equity of 11.30% and a net margin of 23.10%. During the same quarter in the previous year, the firm posted $0.34 EPS. As a group, research analysts predict that Old National Bancorp will post 2.16 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 3.89%. The ex-dividend date was Tuesday, February 28th. Old National Bancorp’s dividend payout ratio (DPR) is 40.29%.

Insider Activity

In other news, Chairman Michael L. Scudder sold 50,000 shares of the company’s stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $17.90, for a total value of $895,000.00. Following the completion of the transaction, the chairman now directly owns 290,796 shares in the company, valued at $5,205,248.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Old National Bancorp news, Chairman Michael L. Scudder sold 25,000 shares of the firm’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $18.00, for a total transaction of $450,000.00. Following the completion of the transaction, the chairman now directly owns 265,796 shares of the company’s stock, valued at approximately $4,784,328. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Michael L. Scudder sold 50,000 shares of Old National Bancorp stock in a transaction dated Thursday, February 16th. The shares were 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 directly owns 290,796 shares of the company’s stock, valued at $5,205,248.40. The disclosure for this sale can be found here. Insiders have sold 84,308 shares of company stock worth $1,510,217 over the last 90 days. Company insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Coppell Advisory Solutions Corp. acquired a new stake in Old National Bancorp in the fourth quarter worth $47,000. Point72 Middle East FZE acquired a new stake in shares of Old National Bancorp in the 4th quarter worth about $136,000. State of Wyoming bought a new stake in Old National Bancorp in the 4th quarter valued at about $196,000. CI Private Wealth LLC acquired a new position in Old National Bancorp during the 4th quarter valued at about $2,483,000. Finally, State of Wisconsin Investment Board grew its position in Old National Bancorp by 133.8% in the 4th quarter. State of Wisconsin Investment Board now owns 534,412 shares of the bank’s stock worth $9,609,000 after purchasing an additional 305,796 shares during the last quarter. 76.41% of the stock is currently owned by institutional investors and hedge funds.

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.