Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Priya Nigam

Why This Old National Bancorp Analyst Is Turning Bullish

Cost savings from Old National Bancorp’s (NASDAQ:ONB) deal to merge with First Midwest Bancorp should be accretive to the bottom line “following the systems conversion in July,” according to Stephens.

The Old National Bancorp Analyst: Terry McEvoy upgraded Old National Bancorp from Equal-Weight to Overweight while establishing a price target of $19.

The Old National Bancorp Takeaways: The stock has lost around 15% year to date, which is surprising given the first-quarter results and “management's positive tone around the deal and financial outlook on the conference call,” McEvoy said in the upgrade note.

“Near-term loan growth should be solid as pipelines were up ~20% at the end of 1Q22 vs. the prior quarter,” the analyst added.

“Our initial concerns around commercial banker attrition in Chicago were overstated,” McEvoy wrote. “Given the company's M&A track record, we have a high level of conviction in Old National's ability to hit the cost savings goal ($109),” he added.

ONB Price Action: Shares of Old National Bancorp were trading 0.45% higher at $15.49 Friday afternoon, according to Benzinga Pro

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.