Old National Bancorp (NASDAQ: ONB) stock fell -6.22% on Tuesday to $17.03 against a previous-day closing price of $18.16. With 5.03 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.64 million shares. During the session, the Banks – Regional company that operates in wider Financial sector, reached to the highest price of $18.00 whereas the lowest price it dropped to was $16.82. The 52-week range on ONB shows that it touched its highest point at $20.19 and its lowest point at $14.22 during that stretch. It currently has a 1-year price target of $22.33. With its current market cap of 4.93 billion, ONB has annualized dividend of $0.56 while the current yield stands at 3.29%. Beta for the stock currently stands at 0.86.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ONB was down-trending over the past week, with a drop of -7.34%, but this was down by -4.11% over a month. Three-month performance dropped to -5.39% while six-month performance rose 4.99%. The stock lost -8.59% in the past year, while it has lost -5.28% so far this year. A look at the trailing 12-month EPS for ONB yields 1.05 with Next year EPS estimates of 2.26. For the next quarter, that number is 0.57. This implies an EPS growth rate of 22.80% for this year and 15.11% for next year. EPS is expected to grow by 8.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 9.80%.
Float and Shares Shorts:
At present, 290.96 million ONB shares are outstanding with a float of 289.12 million shares on hand for trading. On Oct 13, 2022, short shares totaled 9.12 million, which was 3.11% higher than short shares on Sep 14, 2022. In addition to Mr. James C. Ryan III as the firm’s CEO & Director, Mr. Brendon B. Falconer serves as its Chief Financial Officer.
Through their ownership of 79.33% of ONB’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 49.78% of ONB, in contrast to 28.57% held by mutual funds. Shares owned by individuals account for 2.22%. As the largest shareholder in ONB with 10.36% of the stake, BlackRock Fund Advisors holds 30,334,783 shares worth 30,334,783. A second-largest stockholder of ONB, The Vanguard Group, Inc., holds 30,062,031 shares, controlling over 10.26% of the firm’s shares. Fuller & Thaler Asset Management, is the third largest shareholder in ONB, holding 17,888,631 shares or 6.11% stake. With a 5.06% stake in ONB, the Undiscovered Managers Behavioral is the largest stakeholder. A total of 14,808,834 shares are owned by the mutual fund manager. The iShares Core S&P Mid Cap ETF, which owns about 3.09% of ONB stock, is the second-largest Mutual Fund holder. It holds 9,036,223 shares valued at 162.47 million. Vanguard Total Stock Market Index holds 3.04% of the stake in ONB, owning 8,906,245 shares worth 160.13 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ONB since 7 analysts follow the stock currently. There are 4 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 3 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With ONB analysts setting a high price target of $24.00 and a low target of $19.00, the average target price over the next 12 months is $21.17. Based on these targets, ONB could surge 40.93% to reach the target high and rise by 11.57% to reach the target low. Reaching the average price target will result in a growth of 24.31% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. ONB will report FY 2023 earnings on 01/16/2024. Analysts have provided yearly estimates in a range of $2.29 being high and $2.10 being low. For ONB, this leads to a yearly average estimate of $2.21. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Old National Bancorp surprised analysts by -$0.01 when it reported $0.56 EPS against a consensus estimate of $0.57. The surprise factor in the prior quarter was $0.01. Based on analyst estimates, the high estimate for the next quarter is $0.57 and the low estimate is $0.52. The average estimate for the next quarter is thus $0.55.
Dividends & Yield:
In terms of dividends, ONB has a current ratio of $0.56, which is $0.56 over the trailing 12-months, while a dividend of $0.54 is likely to be paid on average over the next five years. Dividend yield is another indicator that appeals to many investors, and ONB currently yields $3.29. In the past year, ONB’s dividend yield has been $3.29, but when looking at the stock over the past five years, its yield has been $3.23. Accordingly, ONB has a current buyback yield of $1.41. This was $1.41 for the TTM, and it was $1.65 for the past five years.
Summary of Insider Activity:
Insiders traded ONB stock several times over the past three months with 10 Buys and 0 Sells. In these transactions, 25,865 shares were bought while 0 shares were sold. The number of buy transactions has increased to 72 while that of sell transactions has risen to 19 over the past year. The total number of shares bought during that period was 1,655,587 while 126,220 shares were sold.