Old National Bancorp (NASDAQ:ONB) Receives $27.91 Average PT from Brokerages

Old National Bancorp (NASDAQ:ONB) has received an average recommendation of “Moderate Buy” from the eleven research firms that are presently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $27.9091.

A number of equities analysts have commented on the stock. Stephens boosted their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Citigroup boosted their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Keefe, Bruyette & Woods boosted their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. National Bank Financial set a $30.00 price objective on shares of Old National Bancorp in a research note on Thursday, January 22nd. Finally, Barclays upped their price objective on shares of Old National Bancorp from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Tuesday, April 7th.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors have recently made changes to their positions in the business. Carlson Capital L.P. boosted its stake in shares of Old National Bancorp by 1.1% in the 4th quarter. Carlson Capital L.P. now owns 38,000 shares of the bank’s stock valued at $848,000 after purchasing an additional 400 shares in the last quarter. Rothschild Investment LLC boosted its position in Old National Bancorp by 72.3% during the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock valued at $28,000 after buying an additional 535 shares during the period. Glenmede Investment Management LP boosted its position in Old National Bancorp by 1.0% during the 3rd quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock valued at $1,362,000 after buying an additional 625 shares during the period. Connable Office Inc. boosted its position in Old National Bancorp by 2.9% during the 3rd quarter. Connable Office Inc. now owns 22,191 shares of the bank’s stock valued at $487,000 after buying an additional 635 shares during the period. Finally, Quantum Portfolio Management LLC boosted its position in Old National Bancorp by 4.5% during the 3rd quarter. Quantum Portfolio Management LLC now owns 16,058 shares of the bank’s stock valued at $352,000 after buying an additional 690 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $23.29 on Friday. The company has a 50 day moving average of $22.87 and a 200 day moving average of $22.85. The stock has a market cap of $9.00 billion, a P/E ratio of 12.01 and a beta of 0.85. Old National Bancorp has a 12 month low of $19.39 and a 12 month high of $26.17. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $702.70 million during the quarter, compared to analyst estimates of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The firm’s quarterly revenue was up 44.4% on a year-over-year basis. During the same quarter last year, the company earned $0.45 earnings per share. As a group, sell-side analysts forecast that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, June 5th will be paid a $0.145 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.5%. Old National Bancorp’s dividend payout ratio is 29.90%.

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.