Is Old National Bancorp overvalued or undervalued?

As of 22 July 2025, the valuation grade for Old National Bancorp has moved from fair to risky, indicating a shift in perception regarding its investment potential. The company appears to be overvalued based on its current valuation ratios, which include a P/E ratio of 14, a Price to Book Value of 1.20, and an EV to EBITDA of 15.62. In comparison to peers, Comerica, Inc. has a P/E of 21.53, while Zions Bancorporation, NA shows a P/E of 10.08, highlighting that Old National Bancorp is trading at a premium relative to some of its competitors.
Additionally, the recent stock performance shows that Old National Bancorp has underperformed against the S&P 500 over multiple periods, particularly over the last three and five years, where it returned 33.18% and 67.86%, respectively, compared to 70.41% and 96.61% for the index. This underperformance reinforces the notion that the stock may be overvalued in the current market context.