Brokerages Set Old National Bancorp (NASDAQ:ONB) Target Price at $26.29

Shares of Old National Bancorp (NASDAQ:ONB) have been given a consensus rating of “Buy” by the seven analysts that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $26.29.

A number of equities analysts have recently commented on ONB shares. Raymond James reiterated a “strong-buy” rating and issued a $29.00 price objective (up from $28.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued a “sector perform” rating and set a $26.00 price objective (up previously from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 26th. Finally, Stephens reissued an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, January 22nd.

Institutional Investors Weigh In On Old National Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of ONB. Wellington Management Group LLP grew its holdings in shares of 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 worth $189,374,000 after purchasing an additional 7,872,318 shares during the last quarter. Millennium Management LLC grew its holdings in Old National Bancorp by 10,795.2% during the 4th quarter. Millennium Management LLC now owns 4,795,942 shares of the bank’s stock worth $104,096,000 after acquiring an additional 4,751,923 shares during the last quarter. Victory Capital Management Inc. increased its position in Old National Bancorp by 147.3% in the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after acquiring an additional 4,303,071 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in Old National Bancorp in the 4th quarter valued at about $78,293,000. Finally, Norges Bank bought a new position in shares of Old National Bancorp in the fourth quarter worth about $76,684,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Stock Up 2.4 %

Old National Bancorp stock opened at $20.62 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $6.58 billion, a P/E ratio of 12.27 and a beta of 0.85. Old National Bancorp has a 1-year low of $15.38 and a 1-year high of $24.49. The firm’s fifty day simple moving average is $22.85 and its 200-day simple moving average is $21.22.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same period in the previous year, the business earned $0.46 earnings per share. Sell-side analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Wednesday, March 5th. Old National Bancorp’s payout ratio is currently 33.33%.

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.