Old National Bancorp (NASDAQ:ONB) Given Consensus Recommendation of “Buy” by Brokerages

Old National Bancorp (NASDAQ:ONB) has been assigned a consensus rating of “Buy” from the eight analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $25.63.

A number of equities analysts have recently issued reports on ONB shares. Citigroup dropped their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Barclays cut their price target on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Stephens restated an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a research note on Monday, April 14th. Royal Bank of Canada cut their target price on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Finally, Raymond James decreased their price target on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 2nd.

Old National Bancorp Trading Up 2.8 %

Shares of NASDAQ ONB opened at $21.24 on Tuesday. Old National Bancorp has a twelve month low of $15.60 and a twelve month high of $24.49. The firm has a market cap of $6.78 billion, a PE ratio of 12.64 and a beta of 0.82. The business has a fifty day simple moving average of $20.62 and a two-hundred day simple moving average of $21.58. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. The firm had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. Analysts expect 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 declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.64%. Old National Bancorp’s dividend payout ratio is currently 32.56%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ONB. JPMorgan Chase & Co. increased its holdings in Old National Bancorp by 13.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank’s stock worth $65,275,000 after buying an additional 416,647 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Old National Bancorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,677,013 shares of the bank’s stock worth $79,810,000 after acquiring an additional 47,149 shares during the period. Fifth Third Wealth Advisors LLC purchased a new position in shares of Old National Bancorp during the fourth quarter worth $209,000. Neville Rodie & Shaw Inc. acquired a new position in Old National Bancorp during the fourth quarter valued at $652,000. Finally, Raymond James Financial Inc. purchased a new stake in Old National Bancorp in the fourth quarter valued at $19,708,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Company Profile

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.