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

Old National Bancorp (NASDAQ:ONB) has earned an average recommendation of “Moderate Buy” from the eleven analysts that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $27.3636.

Several brokerages have recently commented on ONB. Royal Bank Of Canada boosted their target price on shares of 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. National Bank Financial set a $30.00 price objective on shares of Old National Bancorp in a research note on Thursday, January 22nd. TD Cowen upgraded Old National Bancorp from a “hold” rating to a “buy” rating and upped their target price for the stock from $27.00 to $30.00 in a research note on Thursday, January 22nd. UBS Group reaffirmed a “neutral” rating and issued a $26.00 target price on shares of Old National Bancorp in a report on Wednesday, February 4th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th.

Old National Bancorp Trading Up 1.2%

Shares of NASDAQ:ONB opened at $25.20 on Monday. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $26.17. The business has a 50 day moving average of $23.79 and a 200-day moving average of $22.38. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.86. The stock has a market cap of $9.82 billion, a PE ratio of 14.08 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, beating the consensus estimate of $0.59 by $0.03. Old National Bancorp had a net margin of 17.91% and a return on equity of 10.75%. The business had revenue of $698.53 million for the quarter, compared to the consensus estimate of $705.62 million. During the same period in the prior year, the company 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 year.

Old National Bancorp Announces Dividend

The company also recently declared 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. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, May 5th. Old National Bancorp’s dividend payout ratio is presently 31.28%.

Insider Activity at Old National Bancorp

In other Old National Bancorp news, insider Nicholas J. Chulos sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total value of $751,500.00. Following the completion of the transaction, the insider directly owned 20,438 shares in the company, valued at approximately $511,971.90. This represents a 59.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

Large investors have recently modified their holdings of the company. Invesco Ltd. raised its position in shares of Old National Bancorp by 11.7% in the 4th quarter. Invesco Ltd. now owns 897,769 shares of the bank’s stock worth $20,029,000 after acquiring an additional 94,227 shares in the last quarter. Corient Private Wealth LLC boosted its position in shares of Old National Bancorp by 24.7% during the 4th quarter. Corient Private Wealth LLC now owns 86,696 shares of the bank’s stock valued at $1,934,000 after purchasing an additional 17,173 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Old National Bancorp by 36.6% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 15,495 shares of the bank’s stock worth $346,000 after purchasing an additional 4,152 shares during the period. SummitTX Capital L.P. increased its holdings in Old National Bancorp by 206.2% in the fourth quarter. SummitTX Capital L.P. now owns 81,966 shares of the bank’s stock worth $1,829,000 after purchasing an additional 55,197 shares in the last quarter. Finally, Interval Partners LP increased its holdings in Old National Bancorp by 107.5% in the fourth quarter. Interval Partners LP now owns 1,166,466 shares of the bank’s stock worth $26,024,000 after purchasing an additional 604,316 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.