What is the basic difference between Old National Bancorp. and STEPSTONE GROUP INC-CLASS A in terms of business model?

Old National Bancorp. (stock_1) operates in traditional banking, earning primarily from net interest margins and deposit-related services, while STEPSTONE GROUP INC.-CLASS A (stock_2) functions in the alternative asset management space, generating fees from managing private market investments. These core differences shape their risk profiles, growth drivers, and sensitivity to interest rates or capital market cycles.

How could earnings and revenue momentum influence a stock's attractiveness in this comparison?

Earnings and revenue momentum reflect a company’s ability to meet or beat expectations, guiding investor perception and valuation. For Old National Bancorp., strong earnings/ revenue momentum may indicate improved efficiency and growth potential. For STEPSTONE, momentum relates to fundraising success and fee growth from private markets, influencing future profitability and stock sentiment in varying market conditions.

What does a 'beta' value tell me about a stock's risk relative to the market?

A beta measures a stock’s price movement relative to the overall market. A beta of 0.88 for Old National Bancorp. suggests somewhat lower volatility than the market, while STEPSTONE’s beta is not provided here. Investors use beta to gauge risk, with lower betas often linked to steadier performance, though not guaranteed during shocks to the sector or economy.

What is meant by a price target and upside potential when analysts ‘have a Buy rating’?

Analysts’ consensus ‘Buy’ rating implies a positive view on future performance. The stated price target for Old National Bancorp. signals potential appreciation, suggesting an upside of 18% to 28% over the next year. Such estimates reflect expected earnings, growth drivers, and market conditions, but realise that forecasts can change with new information and sector shifts.

How should I compare the valuation metrics of a bank stock with an asset manager?

Bank stocks often use price-to-earnings and ROE as valuation anchors, while asset managers emphasise fee-related earnings and AUM growth. In this comparison, Old National Bancorp.’s forward P/E around 9.26 should be weighed against its loan volumes, deposits, and regional exposure, whereas STEPSTONE’s valuation would hinge on fundraising momentum and fee streams, not just traditional banking metrics.

What role does marketability and liquidity play for these two stocks?

Liquidity concerns both drift from share type and market listing. STEPSTONE GROUP INC.-CLASS A trades on NASDAQ, offering liquidity and price transparency. Old National Bancorp. trades like a regional bank may see steadier but potentially less dramatic moves due to regional focus. Liquidity affects spreads, execution, and the ease of entering or exiting positions.

How might sector cycles affect these two different business models?

Banking cyclicality tends to align with interest rate movements and credit demand, impacting Old National Bancorp.’s earnings. The asset-management sector is sensitive to private markets cycles, fundraising activity, and valuations, impacting STEPSTONE. Both can be influenced by macro conditions, but the drivers differ: rates and loan growth versus capital markets and performance fees.

What external factors should I watch that could impact both stocks?

Key external factors include interest-rate policy, economic growth, financial regulation, and market sentiment. Higher rates may support bank net interest margins but can suppress loan growth; for STEPSTONE, market volatility can affect private market valuations and fundraising. Understanding these helps interpret potential price movements for both stocks.

How should I use this page to prioritise information when comparing these stocks?

Use the page to contrast business models, growth drivers, and risk factors side-by-side. Note the earnings momentum, beta where provided, and the nature of consensus ratings and targets. Consider how each company’s sector exposure translates to potential performance under different macro and market scenarios.

What is the educational disclaimer for this comparison?

This page presents educational content to illuminate differences in how Old National Bancorp. and STEPSTONE GROUP INC.-CLASS A operate, compete, and market within their sectors. It is not financial advice, and decisions should be made using your own risk tolerance, time horizon, and, if needed, with professional guidance.

Old National vs StepStone Group

Old National Bancorp is a Midwest regional bank quietly expanding its commercial footprint through acquisitions, posting consistent earnings that rarely surprise in either direction, while StepStone Group manages a diversified private markets platform for institutional clients across private equity, infrastructure, real estate, and private credit at a completely different point on the risk-return spectrum. Both firms rely on long-term fee-generating client relationships to drive revenue, but the nature of those relationships, the capital lock-up dynamics, and the regulatory constraints differ in ways that matter a lot when markets get volatile. The Old National vs StepStone Group breakdown compares earnings durability, growth vectors, and what each company's revenue model actually looks like when credit conditions tighten.

Comparison Snapshot

Key Financial Metrics

ONB

Metric

STEP

$9.27B

Market Cap

$6.54B

11.63%

Potential Profit

45.01%

Buy

Analyst Rating

Buy

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Old National vs Zions Bancorp

Old National has quietly assembled one of the larger Midwest banking franchises through decades of community bank acquisitions, while Zions Bancorp commands a strong commercial banking presence across the Mountain West and Texas. Both institutions carry significant commercial real estate exposure and face the same deposit-repricing dynamics that define the current banking cycle. Old National vs Zions Bancorp parses loan-book composition, efficiency ratios, and capital allocation priorities to help readers understand which regional bank enters the next downturn from a stronger position.

Old National vs Popular

Old National Bancorp is a Midwest-focused regional bank that's been growing through acquisitions, most recently combining with First Midwest to expand its footprint across Illinois, Indiana, and Michigan markets. Popular Inc. operates Banco Popular de Puerto Rico, the dominant bank on the island, plus a U.S. mainland operation, giving it an unusual combination of Puerto Rican fiscal risk and the long-term growth story of an island economy recovering from decades of underinvestment. Both regional banks generate net interest income from loan portfolios tied to their home markets, but the economic environments those markets represent are fundamentally different. Old National vs Popular compares a Great Lakes regional bank growing through acquisitions against an island-focused bank with a captive market and improving credit trends, examining deposit franchise strength, credit quality trajectory, and which institution delivers the better risk-adjusted return over the next credit cycle.

Old National vs Lincoln Financial

Old National operates as a Midwest community banking franchise while Lincoln Financial runs a national insurance and retirement platform with a completely different risk profile. They're both chasing yield-hungry customers, but through entirely different business models. Old National vs Lincoln Financial exposes how deposit-funded lending stacks up against premium-driven insurance revenue when interest rates and mortality tables both matter.

Investment Analysis

Old National

ONB

Pros

Old National Bancorp exceeded Q3 2025 earnings per share and revenue forecasts, demonstrating strong operational performance and efficiency.
The company successfully integrated Bremer Bank’s systems, enhancing its operational efficiency and growth momentum in loan production and deposits.
Analysts have a consensus 'Buy' rating with an average price target indicating an 18% to 28% potential upside over the next year.

Considerations

Market capitalization around $8 billion places it as a regional player, potentially limiting scale advantages compared to larger national banks.
Despite positive momentum, its beta of 0.88 suggests moderate market volatility exposure relative to the broader market.
Forward price-to-earnings ratio near 9.26 may indicate limited valuation upside relative to peers in the banking sector under certain market conditions.

StepStone Group

STEP

Pros

StepStone Group operates in the alternative asset management space, providing exposure to a niche but growing investment sector.
Its business model benefits from rising demand for private markets investments globally, underpinning potential fee growth.
Class A shares are listed on NASDAQ, providing liquidity and transparency for investors.

Considerations

StepStone's performance is sensitive to private equity market cycles and fundraising success, exposing it to cyclicality risks.
Limited recent public financial disclosures restrict visibility into near-term profitability and revenue trends compared to well-covered banks.
Stock price volatility can be influenced by broader capital market conditions impacting alternative asset valuations and investor sentiment.

About Old National and StepStone Group

Old National (ONB)

Old National Bancorp is the financial holding company for Old National Bank, a prominent commercial bank serving communities across the American Midwest and Southeast. With banking centres in states like Indiana, Michigan, and Tennessee, the company provides a comprehensive suite of financial services. Beyond traditional consumer and commercial banking, Old National offers wealth management, capital markets, and investment advisory services. This diversified model allows it to cater to a broad range of clients, from individuals to commercial enterprises. For investors, Old National Bancorp represents a regional banking player with deep community roots. As with any financial stock, its performance can be influenced by economic trends and interest rate changes, and returns are not guaranteed.

StepStone Group (STEP)

StepStone Group Inc. is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. The Company partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. These portfolios utilize several types of synergistic investment strategies with third-party fund managers, including commitments to funds (primaries), acquiring stakes in existing funds on the secondary market (secondaries) and investing directly into companies (co-investments). It provides its clients with tailored reporting packages, including customized performance benchmarks as well as compliance, administration and tax capabilities. The Company, through its subsidiaries, acts as the investment advisor and general partner or managing member to separately managed accounts and focused commingled funds.

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Old National vs StepStone Group

Comparison Snapshot