Old National Bancorp (NASDAQ:ONB) Receives Consensus Recommendation of “Buy” from Brokerages

Old National Bancorp (NASDAQ:ONB) has been given an average recommendation of “Buy” by the ten ratings firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $25.36.

Several analysts have recently weighed in on ONB shares. Royal Bank of Canada decreased their price target on shares of Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Stephens reaffirmed an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research note on Monday, April 14th. Wall Street Zen raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, April 23rd. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a research note on Tuesday, May 20th. Finally, Barclays decreased their price target on shares of Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th.

Old National Bancorp Stock Down 2.0%

Shares of NASDAQ ONB opened at $21.06 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. The company has a market cap of $6.73 billion, a P/E ratio of 12.54 and a beta of 0.85. Old National Bancorp has a 1 year low of $15.60 and a 1 year high of $24.49. The firm has a 50-day simple moving average of $20.55 and a two-hundred day simple moving average of $21.80.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.03. The business had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. Research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Thursday, June 5th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.66%. The ex-dividend date is Thursday, June 5th. Old National Bancorp’s payout ratio is 32.56%.

Hedge Funds Weigh In On Old National Bancorp

Several institutional investors have recently bought and sold shares of ONB. Wellington Management Group LLP increased its holdings in Old National Bancorp by 923.4% during the fourth quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock valued at $189,374,000 after buying an additional 7,872,318 shares during the period. Millennium Management LLC increased its holdings in Old National Bancorp by 10,795.2% during the fourth quarter. Millennium Management LLC now owns 4,795,942 shares of the bank’s stock valued at $104,096,000 after buying an additional 4,751,923 shares during the period. Alyeska Investment Group L.P. purchased a new position in Old National Bancorp during the fourth quarter valued at approximately $78,293,000. Norges Bank purchased a new position in Old National Bancorp during the fourth quarter valued at approximately $76,684,000. Finally, William Blair Investment Management LLC increased its holdings in Old National Bancorp by 172.1% during the fourth quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank’s stock valued at $119,236,000 after buying an additional 3,474,578 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.