JPMorgan Chase & Co. Begins Coverage on Old National Bancorp (NASDAQ:ONB)

by · The Markets Daily

Equities researchers at JPMorgan Chase & Co. began coverage on shares of Old National Bancorp (NASDAQ:ONB – Get Free Report) in a research note issued to investors on Friday, Benzinga reports. The brokerage set an “overweight” rating and a $32.00 price target on the bank’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 25.00% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. Truist Financial upped their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. TD Cowen increased their target price on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Citigroup lifted their price target on shares of Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. UBS Group began coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price objective on the stock. Finally, National Bank Financial set a $32.00 target price on shares of Old National Bancorp in a research note on Friday. Ten equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.75.

View Our Latest Analysis on Old National Bancorp

Old National Bancorp Price Performance

Shares of ONB opened at $25.60 on Friday. The firm has a market cap of $9.79 billion, a PE ratio of 11.38 and a beta of 0.83. The firm’s 50 day moving average price is $26.30 and its 200 day moving average price is $24.53. 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 twelve month low of $19.39 and a twelve month high of $27.36.

Old National Bancorp (NASDAQ:ONB – Get Free Report) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. 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 earnings per share. The company’s revenue for the quarter was up 13.2% compared to the same quarter last year. As a group, research analysts expect that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Insider Activity

In other news, insider Nicholas J. Chulos sold 20,000 shares of the company’s stock in a transaction that occurred 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 approximately $1,427,483.04. This represents a 27.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Chady M. Alahmar sold 11,771 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the transaction, the chief executive officer owned 63,531 shares in the company, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is owned by corporate insiders.

Institutional Trading of Old National Bancorp

Several institutional investors have recently added to or reduced their stakes in the company. NorthRock Partners LLC acquired a new position in Old National Bancorp in the 2nd quarter valued at $235,000. Integrated Wealth Concepts LLC bought a new stake in shares of Old National Bancorp in the second quarter valued at about $41,000. Squarepoint Ops LLC boosted its position in shares of Old National Bancorp by 22.3% in the second quarter. Squarepoint Ops LLC now owns 998,157 shares of the bank’s stock valued at $25,852,000 after acquiring an additional 181,976 shares during the period. Waverly Advisors LLC acquired a new position in shares of Old National Bancorp in the second quarter valued at about $213,000. Finally, Paragon Capital Management Ltd acquired a new position in shares of Old National Bancorp in the second quarter valued at about $226,000. 83.66% of the stock is currently owned by institutional investors.

About Old National Bancorp

(Get Free Report)

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.

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