Old National Bancorp (NASDAQ:ONB) Stock Rating Raised to “Strong-Buy” at Wells Fargo & Company

Old National Bancorp (NASDAQ:ONB) was upgraded by equities research analysts at Wells Fargo & Company to a “strong-buy” rating in a research report issued on Thursday, Zacks reports.

A number of other research firms have also issued reports on ONB. TD Cowen boosted their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. assumed coverage on Old National Bancorp in a research report on Friday, September 11th. They issued an “overweight” rating and a $32.00 target price on the stock. Jefferies Financial Group reiterated a “hold” rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, July 22nd. UBS Group started coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price target for the company. Finally, Piper Sandler began coverage on shares of Old National Bancorp in a research report on Thursday, September 17th. They set an “overweight” rating and a $32.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.15.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $25.09 on Thursday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. The firm’s 50-day moving average price is $26.10 and its two-hundred day moving average price is $24.66. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $27.36. The stock has a market capitalization of $9.60 billion, a P/E ratio of 11.15 and a beta of 0.83.

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

Insider Activity at Old National Bancorp

In other Old National Bancorp news, CEO Chady Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total transaction of $310,872.11. Following the sale, the chief executive officer owned 63,531 shares of the company’s stock, valued at $1,677,853.71. The trade was a 15.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas Chulos sold 20,000 shares of the business’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the transaction, the insider owned 53,544 shares of the company’s stock, valued at $1,427,483.04. This trade represents a 27.19% decrease in their position. The SEC filing for this sale provides additional information. 0.72% of the stock is owned by company insiders.

Institutional Investors Weigh In On Old National Bancorp

Several institutional investors have recently bought and sold shares of ONB. BlackRock Inc. bought a new position in shares of Old National Bancorp during the 2nd quarter valued at about $1,215,819,000. The Manufacturers Life Insurance Company acquired a new stake in Old National Bancorp during the second quarter valued at approximately $134,610,000. Bank of America Corp DE acquired a new stake in Old National Bancorp during the second quarter valued at approximately $100,301,000. William Blair Investment Management LLC bought a new stake in Old National Bancorp during the second quarter worth approximately $99,283,000. Finally, Bank of New York Mellon Corp acquired a new position in Old National Bancorp in the second quarter worth approximately $90,226,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

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.