Old National Bancorp (NASDAQ:ONB) PT Raised to $24.00 at Barclays

Old National Bancorp (NASDAQ:ONB) had its target price increased by Barclays from $22.00 to $24.00 in a report released on Friday morning, Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

ONB has been the topic of several other research reports. Hovde Group initiated coverage on Old National Bancorp in a research report on Monday, June 3rd. They set an outperform rating and a $20.00 target price on the stock. Royal Bank of Canada lifted their price target on Old National Bancorp from $19.00 to $22.00 and gave the stock a sector perform rating in a report on Wednesday, July 24th. Finally, StockNews.com upgraded Old National Bancorp from a sell rating to a hold rating in a report on Monday, September 23rd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Old National Bancorp has a consensus rating of Moderate Buy and an average target price of $19.88.

Old National Bancorp Stock Down 0.4 %

Shares of NASDAQ:ONB opened at $18.46 on Friday. The stock has a market cap of $5.89 billion, a price-to-earnings ratio of 9.98 and a beta of 0.83. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.96. Old National Bancorp has a 12-month low of $12.36 and a 12-month high of $20.43. The business’s 50 day moving average is $18.94 and its 200 day moving average is $17.60.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.02. The company had revenue of $750.93 million for the quarter, compared to analysts’ expectations of $474.10 million. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. During the same quarter in the previous year, the firm earned $0.54 earnings per share. On average, sell-side analysts forecast that Old National Bancorp will post 1.85 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were paid a $0.14 dividend. The ex-dividend date was Thursday, September 5th. This represents a $0.56 annualized dividend and a dividend yield of 3.03%. Old National Bancorp’s payout ratio is presently 30.27%.

Insider Buying and Selling at Old National Bancorp

In related news, CEO James A. Sandgren sold 25,000 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the sale, the chief executive officer now directly owns 287,409 shares in the company, valued at approximately $5,730,935.46. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Kendra L. Vanzo sold 20,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the completion of the transaction, the insider now directly owns 117,676 shares in the company, valued at $2,335,868.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO James A. Sandgren sold 25,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.94, for a total value of $498,500.00. Following the transaction, the chief executive officer now owns 287,409 shares of the company’s stock, valued at $5,730,935.46. The disclosure for this sale can be found here. Corporate insiders own 1.07% of the company’s stock.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONB. UBS Group AG grew its position in Old National Bancorp by 363.3% during the fourth quarter. UBS Group AG now owns 444,001 shares of the bank’s stock worth $7,499,000 after buying an additional 348,159 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Old National Bancorp by 22.6% in the 4th quarter. US Bancorp DE now owns 45,411 shares of the bank’s stock worth $767,000 after purchasing an additional 8,356 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Old National Bancorp by 330.1% in the 4th quarter. Hsbc Holdings PLC now owns 93,149 shares of the bank’s stock worth $1,581,000 after purchasing an additional 71,489 shares in the last quarter. TFO Wealth Partners LLC boosted its holdings in shares of Old National Bancorp by 66,882.4% in the 4th quarter. TFO Wealth Partners LLC now owns 11,387 shares of the bank’s stock worth $192,000 after purchasing an additional 11,370 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC boosted its holdings in shares of Old National Bancorp by 113.3% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 155,889 shares of the bank’s stock worth $2,633,000 after purchasing an additional 82,811 shares in the last quarter. 83.66% of the stock is currently 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.