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

Stephens assumed coverage on shares of Old National Bancorp (NASDAQ:ONB) in a research report issued on Friday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $27.00 price target on the bank’s stock. Stephens’ price target points to a potential upside of 25.99% from the company’s current price.

ONB has been the subject of several other reports. National Bank Financial set a $30.00 price target on shares of Old National Bancorp in a research report on Thursday, January 22nd. Citigroup lifted their price objective on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Royal Bank Of Canada boosted their target price on Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a research note on Thursday, January 22nd. TD Cowen upgraded Old National Bancorp from a “hold” rating to a “buy” rating and increased their target price for the company from $27.00 to $30.00 in a report on Thursday, January 22nd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Old National Bancorp in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.36.

Old National Bancorp Trading Down 1.4%

Shares of ONB opened at $21.43 on Friday. The firm has a market cap of $8.35 billion, a price-to-earnings ratio of 11.97 and a beta of 0.84. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.93 and a current ratio of 0.93. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $26.17. The firm has a 50 day moving average price of $23.51 and a 200-day moving average price of $22.43.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, beating the consensus estimate of $0.59 by $0.03. The company had revenue of $698.53 million for the quarter, compared to analyst estimates of $705.62 million. Old National Bancorp had a net margin of 17.91% and a return on equity of 10.75%. During the same quarter last year, the firm earned $0.49 EPS. As a group, equities research analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

Insider Activity

In other news, insider Nicholas J. Chulos sold 30,000 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total transaction of $751,500.00. Following the completion of the transaction, the insider directly owned 20,438 shares of the company’s stock, valued at approximately $511,971.90. This represents a 59.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.87% of the company’s stock.

Institutional Trading of Old National Bancorp

Institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in Old National Bancorp during the 2nd quarter valued at about $79,396,000. Vanguard Group Inc. lifted its holdings in Old National Bancorp by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after buying an additional 3,379,577 shares during the period. Morgan Stanley grew its position in shares of Old National Bancorp by 69.8% in the 4th quarter. Morgan Stanley now owns 6,776,716 shares of the bank’s stock worth $151,189,000 after buying an additional 2,785,474 shares during the last quarter. First Trust Advisors LP grew its position in shares of Old National Bancorp by 104.6% in the 3rd quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank’s stock worth $114,738,000 after buying an additional 2,672,319 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Old National Bancorp by 439.7% during the second quarter. Thrivent Financial for Lutherans now owns 2,595,144 shares of the bank’s stock valued at $55,380,000 after buying an additional 2,114,266 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Company Profile

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.