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

Old National Bancorp (NASDAQ:ONB) has been given an average recommendation of “Moderate Buy” by the eleven analysts that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $27.2727.

ONB has been the subject of a number of research reports. Royal Bank Of Canada lifted their price objective on 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. Stephens lifted their price target on Old National Bancorp from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Thursday, January 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a research note on Monday, December 29th. National Bankshares set a $30.00 price objective on shares of Old National Bancorp in a research report on Thursday, January 22nd. Finally, Barclays set a $29.00 target price on shares of Old National Bancorp and gave the company an “overweight” rating in a research note on Wednesday, October 8th.

Old National Bancorp Stock Performance

Shares of ONB opened at $23.77 on Thursday. The company has a market capitalization of $9.29 billion, a PE ratio of 13.28 and a beta of 0.84. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.93 and a current ratio of 0.93. The company’s 50 day moving average price is $22.75 and its 200 day moving average price is $21.99. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $24.77.

Old National Bancorp (NASDAQ:ONB) last issued 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. Old National Bancorp had a net margin of 17.91% and a return on equity of 15.06%. The company had revenue of $714.50 million during the quarter, compared to analyst estimates of $705.62 million. During the same quarter last year, the business posted $0.49 EPS. Research analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, December 5th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, December 5th. Old National Bancorp’s payout ratio is presently 31.28%.

Hedge Funds Weigh In On Old National Bancorp

Several institutional investors have recently bought and sold shares of the stock. OLD National Bancorp IN increased its holdings in shares of Old National Bancorp by 2,525.9% during the 2nd quarter. OLD National Bancorp IN now owns 44,844,379 shares of the bank’s stock valued at $956,979,000 after acquiring an additional 43,136,619 shares during the last quarter. Vanguard Group Inc. boosted its position in Old National Bancorp by 10.1% during the third 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 during the period. Dimensional Fund Advisors LP grew its holdings in Old National Bancorp by 1.0% during the third quarter. Dimensional Fund Advisors LP now owns 17,504,936 shares of the bank’s stock valued at $384,236,000 after purchasing an additional 180,156 shares during the last quarter. State Street Corp raised its position in shares of Old National Bancorp by 5.6% in the third quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock valued at $365,816,000 after purchasing an additional 890,309 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Old National Bancorp by 2.5% in the second quarter. American Century Companies Inc. now owns 12,631,487 shares of the bank’s stock worth $269,556,000 after buying an additional 309,812 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

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.