Old National Bancorp (NASDAQ:ONB) Research Coverage Started at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Old National Bancorp (NASDAQ:ONB) in a report published on Wednesday, Marketbeat Ratings reports. The firm issued a hold rating and a $24.00 price target on the bank’s stock.

Several other analysts also recently issued reports on ONB. Stephens reiterated an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research note on Monday, April 14th. Truist Financial began coverage on shares of Old National Bancorp in a report on Tuesday, May 13th. They issued a “buy” rating and a $26.00 target price on the stock. Wall Street Zen upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, April 23rd. Barclays dropped their target price on shares of Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Finally, Citigroup dropped their target price on shares of Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Three analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Old National Bancorp has an average rating of “Moderate Buy” and an average target price of $25.36.

Old National Bancorp Stock Performance

ONB opened at $20.61 on Wednesday. The company has a market cap of $6.59 billion, a PE ratio of 12.27 and a beta of 0.85. The stock has a 50-day moving average of $20.57 and a 200-day moving average of $21.82. Old National Bancorp has a 52-week low of $15.60 and a 52-week high of $24.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.03. The company 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%. 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 declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Thursday, June 5th will be paid a dividend of $0.14 per share. The ex-dividend date is Thursday, June 5th. This represents a $0.56 annualized dividend and a yield of 2.72%. Old National Bancorp’s dividend payout ratio is 32.56%.

Hedge Funds Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mendon Capital Advisors Corp bought a new position in Old National Bancorp during the first quarter valued at about $1,589,000. Intech Investment Management LLC increased its stake in Old National Bancorp by 31.2% during the first quarter. Intech Investment Management LLC now owns 206,655 shares of the bank’s stock valued at $4,379,000 after acquiring an additional 49,110 shares during the period. Bayforest Capital Ltd increased its stake in Old National Bancorp by 1,524.7% during the first quarter. Bayforest Capital Ltd now owns 36,426 shares of the bank’s stock valued at $772,000 after acquiring an additional 34,184 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Old National Bancorp by 7.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank’s stock valued at $19,349,000 after acquiring an additional 64,110 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Old National Bancorp by 8.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank’s stock worth $60,263,000 after acquiring an additional 215,203 shares during the period. 83.66% of the stock is currently owned by institutional investors.

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.