Old National Bancorp (NASDAQ:ONB) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Old National Bancorp (NASDAQ:ONB) in a research report released on Friday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $32.00 price objective on the bank’s stock.

A number of other equities research analysts also recently commented on ONB. UBS Group started coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price objective for the company. Raymond James Financial began coverage on Old National Bancorp in a research report on Tuesday, July 7th. They set a “market perform” rating on the stock. Jefferies Financial Group reissued a “hold” rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Truist Financial lifted their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Barclays upped their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.75.

Old National Bancorp Price Performance

Shares of NASDAQ ONB opened at $25.66 on Friday. The firm has a market cap of $9.82 billion, a P/E ratio of 11.40 and a beta of 0.83. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.36. The firm’s 50 day moving average price is $26.29 and its 200 day moving average price is $24.54.

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

Old National Bancorp Announces Dividend

The company 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. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, September 4th. Old National Bancorp’s dividend payout ratio (DPR) is 25.78%.

Insiders Place Their Bets

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the company’s stock in a transaction dated Thursday, July 30th. The stock was 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 directly owned 63,531 shares in the company, valued at $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the transaction, the insider owned 53,544 shares in the company, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is currently owned by company insiders.

Institutional Trading of Old National Bancorp

Institutional investors have recently modified their holdings of the company. Glenmede Investment Management LP increased its holdings in Old National Bancorp by 1.0% during the 3rd quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock worth $1,362,000 after purchasing an additional 625 shares during the last quarter. Teza Capital Management LLC raised its position in shares of Old National Bancorp by 6.8% in the 2nd quarter. Teza Capital Management LLC now owns 10,993 shares of the bank’s stock valued at $235,000 after purchasing an additional 702 shares in the last quarter. CIBC Private Wealth Group LLC boosted its stake in shares of Old National Bancorp by 4.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 16,863 shares of the bank’s stock valued at $376,000 after buying an additional 703 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of Old National Bancorp by 0.3% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 292,432 shares of the bank’s stock valued at $6,244,000 after buying an additional 754 shares during the last quarter. Finally, Allworth Financial LP grew its position in shares of Old National Bancorp by 17.5% during the fourth quarter. Allworth Financial LP now owns 5,350 shares of the bank’s stock worth $119,000 after buying an additional 797 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.