Last Updated: 14 Nov 2024
Executive Summary
Old National Bancorp (ONB) is a strong financial institution with a solid track record of performance. The company has a diversified business model, a strong capital position, and a commitment to customer service. ONB's stock is currently trading at $22.19, which is below its 52-week high of $22.75. However, the stock is still above its 50-day and 200-day moving averages, indicating that it is in a bullish trend. Overall, ONB is a good investment for both short-term and long-term investors.
Company Overview
Old National Bancorp is the banking holding company for Old National Bank. The company provides a variety of financial services to individual and business clients in the United States. ONB has a network of over 200 branches and 300 ATMs in Indiana, Kentucky, Illinois, Michigan, and Wisconsin. The company also has a national presence through its online banking and mobile banking platforms.
Fundamental Analysis
ONB has a strong financial profile. The company has a Tier 1 capital ratio of 10.5%, which is well above the regulatory minimum. ONB also has a strong track record of profitability. The company's net income has grown by an average of 10% per year over the past five years.
ONB's valuation metrics are also attractive. The company's trailing price-to-earnings (P/E) ratio is 13.45, which is below the average P/E ratio for the banking sector. ONB's forward P/E ratio is 11.35, which is also below the average forward P/E ratio for the banking sector.
Technical Analysis
ONB's stock is currently trading in a bullish trend. The stock is above its 50-day and 200-day moving averages. The stock also has a relative strength index (RSI) of 60, which indicates that it is overbought. However, the RSI is still below the overbought threshold of 70, which indicates that the stock is not yet overvalued.
Short Term Outlook
In the short term, ONB's stock is likely to continue to trade in a bullish trend. The stock is above its key moving averages and has a positive RSI. However, the stock is overbought, which could lead to a pullback in the near term.
Long Term Outlook
In the long term, ONB's stock is likely to continue to perform well. The company has a strong financial profile, a diversified business model, and a commitment to customer service. ONB is also well-positioned to benefit from the rising interest rate environment.
Analyst Recommendations
Analysts are bullish on ONB's stock. The average analyst rating for ONB is "buy." Analysts have a price target of $22.69 for ONB's stock, which represents a potential upside of 2.2% from the current price.
