Old National Bancorp (NASDAQ:ONB) Stock Rating Upgraded by Raymond James

Raymond James upgraded shares of Old National Bancorp (NASDAQ:ONB) from a market perform rating to a strong-buy rating in a research report sent to investors on Tuesday morning, MarketBeat.com reports. Raymond James currently has $28.00 target price on the bank’s stock.

A number of other research firms have also weighed in on ONB. Barclays boosted their target price on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp Price Performance

Shares of ONB opened at $23.14 on Tuesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 52 week low of $14.32 and a 52 week high of $23.76. The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of 14.02 and a beta of 0.82. The stock has a fifty day moving average of $19.80 and a 200-day moving average of $18.59.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. The firm had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the company earned $0.51 earnings per share. As a group, sell-side analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

Hedge Funds Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC increased its holdings in Old National Bancorp by 1,766.7% in the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after purchasing an additional 1,325 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after buying an additional 1,005 shares during the period. HHM Wealth Advisors LLC bought a new stake in shares of Old National Bancorp in the 2nd quarter valued at $28,000. LRI Investments LLC acquired a new position in shares of Old National Bancorp during the 1st quarter valued at $48,000. Finally, Quest Partners LLC bought a new position in Old National Bancorp during the third quarter worth $91,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.