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

Old National Bancorp (NASDAQ:ONB) has been assigned a consensus recommendation of “Moderate Buy” from the nine brokerages that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $26.30.

A number of research analysts have issued reports on the company. Citigroup lowered their price objective on Old National Bancorp from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Raymond James Financial lowered their price target on Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 2nd. Truist Financial upped their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. National Bankshares set a $24.00 price objective on shares of Old National Bancorp in a research note on Tuesday, May 20th. Finally, Wall Street Zen raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, April 23rd.

Institutional Trading of Old National Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in ONB. Signaturefd LLC grew its stake in Old National Bancorp by 22.7% during the second quarter. Signaturefd LLC now owns 3,297 shares of the bank’s stock valued at $70,000 after acquiring an additional 609 shares in the last quarter. Oliver Luxxe Assets LLC grew its position in shares of Old National Bancorp by 1.7% during the second quarter. Oliver Luxxe Assets LLC now owns 101,850 shares of the bank’s stock valued at $2,173,000 after purchasing an additional 1,723 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Old National Bancorp by 53.6% in the second quarter. GAMMA Investing LLC now owns 9,230 shares of the bank’s stock worth $197,000 after purchasing an additional 3,221 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Old National Bancorp by 4.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 24,133 shares of the bank’s stock worth $549,000 after purchasing an additional 1,124 shares during the last quarter. Finally, Wesbanco Bank Inc. lifted its position in shares of Old National Bancorp by 62.9% in the second quarter. Wesbanco Bank Inc. now owns 85,504 shares of the bank’s stock worth $1,825,000 after buying an additional 33,000 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Trading Up 0.7%

Shares of ONB opened at $22.92 on Friday. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $24.49. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.82. The firm’s 50-day moving average price is $21.55 and its 200-day moving average price is $21.63. The firm has a market capitalization of $7.33 billion, a price-to-earnings ratio of 13.33 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. The company had revenue of $486.87 million during the quarter, compared to analysts’ expectations of $478.37 million. Old National Bancorp had a return on equity of 9.98% and a net margin of 18.74%. Sell-side analysts anticipate that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, June 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Thursday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is 32.56%.

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.