Old National Bancorp (NASDAQ:ONB) Now Covered by Analysts at Stephens

Research analysts at Stephens started coverage on shares of Old National Bancorp (NASDAQ:ONB) in a report released on Friday. The firm set an “overweight” rating and a $27.00 price target on the bank’s stock. Stephens’ price target points to a potential upside of 26.03% from the company’s current price.

Several other equities research analysts have also recently commented on the company. National Bank Financial set a $30.00 target price on Old National Bancorp in a research note on Thursday, January 22nd. UBS Group reissued a “neutral” rating and issued a $26.00 price target on shares of Old National Bancorp in a research note on Wednesday, February 4th. Citigroup raised their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Old National Bancorp in a research note on Monday, December 29th. Finally, Royal Bank Of Canada boosted their target price on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and a consensus price target of $27.36.

Old National Bancorp Trading Down 1.4%

ONB traded down $0.31 during trading on Friday, reaching $21.42. 194,482 shares of the stock traded hands, compared to its average volume of 3,144,374. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $8.35 billion, a PE ratio of 12.01 and a beta of 0.84. The stock’s 50-day moving average is $23.55 and its 200 day moving average is $22.44. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $26.17.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.03. The firm had revenue of $698.53 million during the quarter, compared to analyst estimates of $705.62 million. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.During the same period last year, the company posted $0.49 EPS. Equities analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Insider Transactions at Old National Bancorp

In other Old National Bancorp news, insider Nicholas J. Chulos sold 30,000 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total value of $751,500.00. Following the transaction, the insider owned 20,438 shares in the company, valued at approximately $511,971.90. This represents a 59.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Old National Bancorp by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after purchasing an additional 3,379,577 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Old National Bancorp by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 17,572,298 shares of the bank’s stock valued at $392,046,000 after purchasing an additional 67,362 shares in the last quarter. State Street Corp raised its holdings in Old National Bancorp by 5.6% during the third quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock worth $365,816,000 after buying an additional 890,309 shares during the last quarter. Geode Capital Management LLC raised its holdings in Old National Bancorp by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock worth $215,958,000 after buying an additional 91,341 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Old National Bancorp by 37.5% in the fourth quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank’s stock valued at $160,381,000 after buying an additional 1,961,525 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.