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

Shares of Old National Bancorp (NASDAQ:ONB) have received an average rating of “Moderate Buy” from the eleven ratings firms that are covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $27.4545.

A number of analysts have weighed in on the stock. TD Cowen upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating and raised their target price for the company from $27.00 to $30.00 in a research report on Thursday, January 22nd. UBS Group reiterated a “neutral” rating and issued a $26.00 price target on shares of Old National Bancorp in a research note on Wednesday, February 4th. Stephens raised their price objective on Old National Bancorp from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Thursday, January 22nd. Royal Bank Of Canada boosted their price objective on Old National Bancorp from $25.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 22nd. Finally, National Bank Financial set a $30.00 target price on Old National Bancorp in a research report on Thursday, January 22nd.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $21.22 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.86. The company has a market cap of $8.27 billion, a PE ratio of 11.85 and a beta of 0.84. The company has a 50 day moving average of $23.69 and a 200-day moving average of $22.49. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $26.17.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. The firm had revenue of $698.53 million for the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business posted $0.49 earnings per share. As a group, equities research analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be paid a $0.145 dividend. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $0.58 annualized dividend and a dividend yield of 2.7%. Old National Bancorp’s dividend payout ratio is currently 32.40%.

Insider Transactions at Old National Bancorp

In other Old National Bancorp news, insider Nicholas J. Chulos sold 30,000 shares of Old National Bancorp stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total transaction of $751,500.00. Following the transaction, the insider directly owned 20,438 shares of the company’s stock, valued at approximately $511,971.90. The trade was a 59.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. MAI Capital Management increased its stake in shares of Old National Bancorp by 156.8% in the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock valued at $25,000 after acquiring an additional 704 shares in the last quarter. Covestor Ltd boosted its stake in Old National Bancorp by 157.0% during the third quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock worth $27,000 after acquiring an additional 755 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Old National Bancorp in the fourth quarter worth $27,000. Rothschild Investment LLC increased its stake in Old National Bancorp by 72.3% in the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock valued at $28,000 after purchasing an additional 535 shares in the last quarter. Finally, Flagship Harbor Advisors LLC bought a new stake in Old National Bancorp in the fourth quarter valued at $28,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Company Profile

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.