If you’ve spent any time looking at the Midwest banking landscape lately, you know it’s basically a giant chess board. Banks are merging, shrinking, or getting swallowed whole. But honestly, Old National Bancorp stock is doing something a bit different. While everyone was panicking about regional banks a couple of years ago, ONB—that’s the ticker—was quietly building a $70 billion fortress.
Right now, as we sit in early 2026, the stock is trading around the $23.26 mark. That’s not just a random number. It’s a reflection of a bank that has successfully digested its big Bremer Bank acquisition and is now staring down a year where analysts think it could hit $27 or even $29. But let’s be real: buying a bank stock isn't just about the price today. It’s about whether they can keep the lights on and the dividends flowing when the economy gets weird.
What's Actually Moving Old National Bancorp Stock?
Most people look at the ticker and see a steady line. Boring, right? Wrong. The real story is under the hood. Old National isn't that small-town Evansville bank anymore. They are now a top-25 U.S. banking powerhouse with a massive footprint in high-growth areas like Nashville and Chicago.
The big catalyst lately has been their adjusted earnings per share (EPS). Last quarter, they pulled in $0.59, beating what Wall Street expected. When a bank beats expectations by nearly 5% while the rest of the sector is struggling with "credit cracks," people notice.
✨ Don't miss: How to make a living selling on eBay: What actually works in 2026
The Bremer Integration Factor
You can't talk about ONB without talking about Bremer. Mergers in the banking world are usually a nightmare. Systems don’t talk to each other, customers get mad, and employees quit. But Jim Ryan, the CEO, has basically turned this into a masterclass in integration. They’ve managed to keep their efficiency ratio—which is just a fancy way of saying how much it costs them to make a dollar—below 50%. In the banking world, that’s elite.
Is the Dividend Worth the Entry Price?
Let’s talk cash. If you’re holding Old National Bancorp stock, you’re likely doing it for the yield. They’ve been paying out $0.14 per share every quarter like clockwork.
Currently, the yield is hovering around 2.4%. Now, I know what you’re thinking. "I can get more in a high-yield savings account." Sure, you can. But a savings account doesn't have a 15% to 20% upside in the share price. Plus, ONB has paid a dividend every single year for the last 19 years. That kind of consistency is hard to find, especially when you consider their payout ratio is only about 33%.
🔗 Read more: How Much Followers on TikTok to Get Paid: What Really Matters in 2026
Basically, they are earning way more than they are paying out, which means that dividend is safer than a vault.
The 2026 Outlook
Analysts are feeling pretty bullish. The consensus is a "Moderate Buy," but some folks, like David Long at Raymond James, are looking at that $29 price target. Why? Because interest rates are expected to stabilize, and ONB has about **$2.8 billion in cash flow** expected over the next year. That's a lot of ammo for buybacks or more growth.
The Drama Nobody Mentions: The Bell Bank "Coup"
It’s not all spreadsheets and handshakes. There’s been some recent drama that has made the local headlines. Old National actually accused Bell Bank of a "coup d'état" after eight employees resigned at the same time to go work there.
💡 You might also like: How Much 100 Dollars in Ghana Cedis Gets You Right Now: The Reality
Does this affect the stock? Not really. But it shows how competitive the talent market is right now. Old National is fighting to keep its top bankers because those people bring the "sticky" deposits. In 2026, deposits are the name of the game.
What You Should Watch For Next
If you're thinking about jumping in or adding to your position, keep January 21, 2026, circled on your calendar. That’s the next big earnings call.
Zacks has them at a Rank #2 (Buy) right now because they suspect another beat is coming. If they report another $0.59 or $0.60 EPS, that $23 price might be a memory pretty quickly.
Actionable Steps for Investors
- Check the Net Interest Margin (NIM): On the Jan 21 call, listen for NIM. If it’s expanding, the stock likely pops.
- Dividend Capture: If you want the next payout, the next ex-dividend date is estimated around March 5, 2026. You need to own the shares before then to get the check on March 17.
- Watch the M&A Space: The mid-tier banking world is consolidating fast. Old National is currently a hunter, not the hunted, but in this market, everyone has a price.
- Set a Stop-Loss: If the stock dips below the 52-week low of $16.83, the "fortress" narrative might be cracking. Keep an eye on credit metrics.
The reality is that Old National Bancorp stock is a "steady Eddie" play in a volatile sector. It’s not going to double overnight like a tech stock, but with its current scale and 20% ROATCE (Return on Average Tangible Common Equity), it’s making a very strong case for being the best regional bank in the Midwest.