Old National Bancorp (NASDAQ:ONB) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Old National Bancorp (NASDAQ:ONB) have received a consensus recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $27.4545.

Several analysts recently issued reports on ONB shares. Citigroup lifted their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. TD Cowen upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating and upped their price objective for the stock from $27.00 to $30.00 in a report on Thursday, January 22nd. Stephens raised their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Thursday, January 22nd. National Bank Financial set a $30.00 price objective on shares of Old National Bancorp in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada upped their target price on shares of Old National Bancorp from $25.00 to $26.00 and gave the stock a “sector perform” rating in a report on Thursday, January 22nd.

Insider Activity at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total value of $751,500.00. Following the transaction, the insider owned 20,438 shares in the company, valued at $511,971.90. This trade represents a 59.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of ONB. Principal Financial Group Inc. raised its holdings in shares of Old National Bancorp by 5.3% in the third quarter. Principal Financial Group Inc. now owns 786,469 shares of the bank’s stock valued at $17,263,000 after purchasing an additional 39,892 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in Old National Bancorp by 7.9% during the third quarter. Thrivent Financial for Lutherans now owns 2,799,932 shares of the bank’s stock worth $61,459,000 after purchasing an additional 204,788 shares during the last quarter. Vanguard Group Inc. grew its position in Old National Bancorp by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after purchasing an additional 3,379,577 shares in the last quarter. Boston Partners increased its stake in Old National Bancorp by 0.9% in the 2nd quarter. Boston Partners now owns 1,895,273 shares of the bank’s stock valued at $40,307,000 after buying an additional 17,033 shares during the last quarter. Finally, Pacer Advisors Inc. increased its stake in Old National Bancorp by 481.5% in the 3rd quarter. Pacer Advisors Inc. now owns 60,480 shares of the bank’s stock valued at $1,328,000 after buying an additional 50,080 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Stock Up 0.3%

ONB stock opened at $21.22 on Friday. The stock’s 50 day simple moving average is $23.69 and its 200 day simple moving average is $22.49. The company has a market cap of $8.27 billion, a P/E ratio of 11.85 and a beta of 0.84. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.93 and a current ratio of 0.93. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $26.17.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. The firm had revenue of $698.53 million during the quarter, compared to analysts’ expectations of $705.62 million. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.During the same quarter last year, the firm posted $0.49 earnings per share. On average, research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, May 16th. Shareholders of record on Tuesday, May 5th will be issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, May 5th. Old National Bancorp’s payout ratio is currently 32.40%.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.