Old National Bancorp (NASDAQ:ONB) Raised to “Strong-Buy” at Raymond James

Raymond James upgraded shares of Old National Bancorp (NASDAQ:ONB) from a market perform rating to a strong-buy rating in a research note released on Tuesday, MarketBeat Ratings reports. Raymond James currently has $28.00 price target on the bank’s stock.

A number of other research analysts have also recently commented on ONB. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, November 25th. Barclays increased their price objective on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.44.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $23.16 on Tuesday. 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 has a market cap of $7.39 billion, a PE ratio of 14.04 and a beta of 0.82. The company has a 50-day simple moving average of $19.87 and a 200-day simple moving average of $18.63. Old National Bancorp has a 12 month low of $14.63 and a 12 month high of $23.76.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. During the same quarter in the prior year, the company posted $0.51 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.42%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is 33.94%.

Institutional Trading of Old National Bancorp

Several hedge funds have recently added to or reduced their stakes in ONB. GAMMA Investing LLC lifted its stake in shares of Old National Bancorp by 194.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after acquiring an additional 1,005 shares during the period. International Assets Investment Management LLC lifted its position in Old National Bancorp by 1,766.7% in the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after purchasing an additional 1,325 shares during the period. HHM Wealth Advisors LLC bought a new position in Old National Bancorp during the 2nd quarter valued at $28,000. LRI Investments LLC acquired a new position in shares of Old National Bancorp during the 1st quarter valued at $48,000. Finally, Quest Partners LLC bought a new stake in shares of Old National Bancorp in the 3rd quarter worth $91,000. Institutional investors own 83.66% of the company’s stock.

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.