Analysts Set Old National Bancorp (NASDAQ:ONB) Price Target at $29.36

Old National Bancorp (NASDAQ:ONB) has been given an average recommendation of “Moderate Buy” by the thirteen research firms that are covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $30.25.

A number of research analysts have recently issued reports on the company. UBS Group initiated coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on Old National Bancorp in a report on Friday, September 11th. They issued an “overweight” rating and a $32.00 target price for the company. Jefferies Financial Group reissued a “hold” rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Citigroup increased their price target on Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Finally, Barclays raised their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th.

Insiders Place Their Bets

In other news, CEO Chady M. Alahmar sold 11,771 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $26.41, for a total transaction of $310,872.11. Following the transaction, the chief executive officer owned 63,531 shares in the company, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas J. Chulos sold 20,000 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the transaction, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. This trade represents a 27.19% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.72% of the company’s stock.

Institutional Trading of Old National Bancorp

Several large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Old National Bancorp in the 2nd quarter valued at about $1,215,819,000. Dimensional Fund Advisors LP boosted its stake in Old National Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock valued at $395,193,000 after purchasing an additional 310,352 shares during the last quarter. Geode Capital Management LLC increased its holdings in Old National Bancorp by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock worth $215,958,000 after purchasing an additional 91,341 shares in the last quarter. William Blair Investment Management LLC increased its holdings in Old National Bancorp by 1.5% during the 4th quarter. William Blair Investment Management LLC now owns 5,957,936 shares of the bank’s stock worth $132,922,000 after purchasing an additional 88,096 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Old National Bancorp in the second quarter worth approximately $134,610,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Up 0.0%

Old National Bancorp stock opened at $25.32 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $27.36. The firm has a 50 day moving average price of $26.24 and a two-hundred day moving average price of $24.59. The firm has a market cap of $9.69 billion, a price-to-earnings ratio of 11.25 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The business had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. During the same quarter in the previous year, the business earned $0.53 earnings per share. Old National Bancorp’s revenue for the quarter was up 13.2% on a year-over-year basis. Equities analysts predict that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Saturday, September 5th were paid a dividend of $0.145 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.58 annualized dividend and a yield of 2.3%. Old National Bancorp’s dividend payout ratio is currently 25.78%.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is a regional financial services holding company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and wealth management services to individuals, families, businesses and institutions.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury and cash management services, credit and debit cards, online and mobile banking, and investment and wealth management services.