Old National Bancorp (NASDAQ: ONB): A Suicide Machine Or A Millionaire’s Dream?

In the last trading session, 5.76 million shares of the Old National Bancorp (NASDAQ:ONB) were traded, and its beta was 0.83. Most recently the company’s share price was $16.65, and it changed around -$0.76 or -4.37% from the last close, which brings the market valuation of the company to $4.87B. ONB currently trades at a discount to its 52-week high of $17.64, offering almost -5.95% off that amount. The share price’s 52-week low was $11.66, which indicates that the current value has risen by an impressive 29.97% since then. We note from Old National Bancorp’s average daily trading volume that its 10-day average is 2.16 million shares, with the 3-month average coming to 1.98 million.

Old National Bancorp stock received a consensus recommendation rating of Hold, based on a mean score of 1.88. If we narrow it down even further, the data shows that 0 out of 10 analysts rate the stock as a Sell; another 1 rate it as Overweight. Among the rest, 7 recommended ONB as a Hold, whereas 2 deemed it a Buy, and 0 rated it as Underweight. Old National Bancorp is expected to report earnings per share of $0.43 for the current quarter.

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Old National Bancorp (NASDAQ:ONB) trade information

Instantly ONB has showed a red trend with a performance of -4.37% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently down -1.42% year-to-date, but still down -1.01% over the last five days. On the other hand, Old National Bancorp (NASDAQ:ONB) is 1.34% up in the 30-day period. We can see from the shorts that 10.96 million shares have been sold at a short interest cover period of 5.73 day(s).

Old National Bancorp (ONB) estimates and forecasts

Old National Bancorp share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 14.91 percent over the past six months and at a -10.24% annual growth rate that is well below the industry average of -6.70%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -20.40% in revenue this quarter, and will report a decrease of -18.50% in the next quarter. The year-over-year growth rate is expected to be 1.70%, up from the previous year.

Consensus estimates provided by 6 financial analysts predict the company will bring in an average of $440 million in revenue for the current quarter. 6 analysts expect Old National Bancorp to make $451.14 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $452.17 million and $447.85 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -2.70%. Forecasts for the next quarter put sales growth at 0.70%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 9.72%. Old National Bancorp earnings are expected to increase by -10.77% in 2024, but the outlook is positive 8.00% per year for the next five years.

ONB Dividends

Old National Bancorp’s next quarterly earnings report is expected to be released around April 23 and April 29. The annual dividend yield of the stock is 3.36 percent and its annual dividend per share was 0.56. It is important to note, however, that the 3.36% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

Old National Bancorp (NASDAQ:ONB)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.92% of Old National Bancorp shares, and 84.61% of them are in the hands of institutional investors. The stock currently has a share float of 85.39%. Old National Bancorp stock is held by 416 institutions, with Blackrock Inc. being the largest institutional investor. By Jun 29, 2023, it held 12.08% of the shares, which is about 35.33 million shares worth $492.53 million.

Vanguard Group Inc, with 10.84% or 31.72 million shares worth $442.24 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Undiscovered Managers Behavioral Value Fund and iShares Core S&P Midcap ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 17.62 million shares worth $245.62 million, making up 6.02% of all outstanding shares. On the other hand, iShares Core S&P Midcap ETF held roughly 9.15 million shares worth around $133.05 million, which represents about 3.13% of the total shares outstanding.