2024-07-16 15:22:02 ET
Summary
- The acquisition will hurt earnings this year due to some one-off charges and a negative effect on the margin. However, it will lead to an earnings recovery next year.
- Interest rate cuts will also hurt the margin. However, they will help lift the residential mortgage portfolio.
- The year-end target price is close to the current market price. Further, ONB is offering an unremarkable dividend yield of around 3.0%.
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Old National Bancorp: Upcoming Earnings Recovery Appears Priced-In