Old National Bancorp (NASDAQ:ONB) Price Target Raised to $21.00

Old National Bancorp (NASDAQ:ONB) had its price target boosted by Barclays from $20.00 to $21.00 in a research note published on Wednesday, Benzinga reports. They currently have an overweight rating on the bank’s stock.

ONB has been the subject of several other research reports. Royal Bank of Canada reaffirmed a sector perform rating and issued a $18.00 price target on shares of Old National Bancorp in a research report on Tuesday, April 9th. StockNews.com cut shares of Old National Bancorp from a hold rating to a sell rating in a research report on Wednesday, December 27th. UBS Group lowered their price target on shares of Old National Bancorp from $20.00 to $19.00 and set a buy rating for the company in a research report on Wednesday, January 24th. Stephens reduced their price objective on shares of Old National Bancorp from $22.00 to $21.00 and set an overweight rating for the company in a research note on Wednesday, January 24th. Finally, Keefe, Bruyette & Woods reiterated an outperform rating and set a $20.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Old National Bancorp has a consensus rating of Moderate Buy and a consensus target price of $18.86.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $16.57 on Wednesday. The stock has a market cap of $4.86 billion, a price-to-earnings ratio of 8.96 and a beta of 0.83. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.92 and a quick ratio of 0.92. Old National Bancorp has a 1 year low of $11.66 and a 1 year high of $17.64. The firm has a 50-day moving average of $16.47 and a two-hundred day moving average of $15.93.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 16.06%. The company had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. During the same period in the previous year, the company earned $0.54 EPS. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. On average, research analysts forecast that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.38%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s dividend payout ratio (DPR) is 30.27%.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in shares of Old National Bancorp by 6.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock valued at $241,176,000 after acquiring an additional 841,195 shares in the last quarter. American Century Companies Inc. lifted its position in Old National Bancorp by 2.9% during the third quarter. American Century Companies Inc. now owns 11,063,412 shares of the bank’s stock worth $160,862,000 after buying an additional 308,892 shares in the last quarter. Channing Capital Management LLC lifted its position in Old National Bancorp by 33.9% during the fourth quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock worth $84,203,000 after buying an additional 1,263,060 shares in the last quarter. Verition Fund Management LLC lifted its position in Old National Bancorp by 48.9% during the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock worth $63,787,000 after buying an additional 1,240,952 shares in the last quarter. Finally, Norges Bank purchased a new position in Old National Bancorp during the fourth quarter worth approximately $55,808,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

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.