Old National Bancorp (NASDAQ:ONB) Receives Average Recommendation of “Buy” from Analysts

Old National Bancorp (NASDAQ:ONB) has received a consensus recommendation of “Buy” from the eight research firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $24.38.

Several brokerages have recently commented on ONB. Keefe, Bruyette & Woods lifted their target price on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada increased their target price on shares of Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 26th. Barclays lifted their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Finally, Raymond James upgraded shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a research note on Tuesday, November 26th.

Institutional Trading of Old National Bancorp

A number of large investors have recently added to or reduced their stakes in ONB. International Assets Investment Management LLC boosted its position in shares of Old National Bancorp by 1,766.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,325 shares during the period. HHM Wealth Advisors LLC purchased a new stake in Old National Bancorp during the second quarter valued at about $28,000. GAMMA Investing LLC boosted its holdings in shares of Old National Bancorp by 156.8% in the third quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock worth $73,000 after buying an additional 2,385 shares during the period. Quest Partners LLC purchased a new position in shares of Old National Bancorp in the third quarter worth approximately $91,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Old National Bancorp during the second quarter valued at approximately $103,000. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $21.77 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The company’s fifty day moving average price is $21.46 and its two-hundred day moving average price is $19.45. The firm has a market capitalization of $6.94 billion, a P/E ratio of 13.19 and a beta of 0.86. Old National Bancorp has a 12 month low of $15.36 and a 12 month high of $23.76.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same period in the prior year, the company posted $0.51 EPS. Old National Bancorp’s quarterly revenue was up 6.5% on a year-over-year basis. On average, research analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.57%. The ex-dividend date was Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

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.