Stephens Initiates Coverage on Old National Bancorp (NASDAQ:ONB)

Research analysts at Stephens assumed coverage on shares of Old National Bancorp (NASDAQ:ONB) in a report issued on Friday. The firm set an “overweight” rating and a $27.00 price target on the bank’s stock. Stephens’ price objective points to a potential upside of 26.03% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. UBS Group reaffirmed a “neutral” rating and set a $26.00 target price on shares of Old National Bancorp in a research report on Wednesday, February 4th. Weiss Ratings restated a “buy (b-)” rating on shares of Old National Bancorp in a research note on Monday, December 29th. TD Cowen raised shares of Old National Bancorp from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $27.00 to $30.00 in a report on Thursday, January 22nd. Royal Bank Of Canada upped their target price on shares of Old National Bancorp from $25.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Thursday, January 22nd. Finally, Citigroup increased their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.36.

Old National Bancorp Stock Down 1.4%

NASDAQ ONB traded down $0.31 during trading hours on Friday, hitting $21.42. The company’s stock had a trading volume of 194,482 shares, compared to its average volume of 3,144,374. The company has a market capitalization of $8.35 billion, a PE ratio of 12.01 and a beta of 0.84. 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 has a 52 week low of $16.83 and a 52 week high of $26.17. The company’s 50-day simple moving average is $23.55 and its two-hundred day simple moving average is $22.44.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. The firm had revenue of $698.53 million during 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 in the previous year, the company posted $0.49 EPS. Research analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Insider Buying and Selling

In other Old National Bancorp news, insider Nicholas J. Chulos sold 30,000 shares of the business’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 transaction, the insider owned 20,438 shares of the company’s stock, valued at approximately $511,971.90. The trade was a 59.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ONB. Royal Bank of Canada increased its position in Old National Bancorp by 2.0% in the first quarter. Royal Bank of Canada now owns 214,065 shares of the bank’s stock worth $4,536,000 after buying an additional 4,153 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of Old National Bancorp by 87.8% during the 1st quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank’s stock valued at $269,000 after buying an additional 5,936 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Old National Bancorp by 8.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank’s stock worth $60,263,000 after acquiring an additional 215,203 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Old National Bancorp by 7.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank’s stock worth $19,349,000 after acquiring an additional 64,110 shares during the period. Finally, Rhumbline Advisers increased its holdings in Old National Bancorp by 3.4% in the 2nd quarter. Rhumbline Advisers now owns 1,124,198 shares of the bank’s stock worth $23,990,000 after acquiring an additional 36,469 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

About Old National Bancorp

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.