Old National Bancorp (NASDAQ:ONB) Earns Overweight Rating from Analysts at Stephens

Stephens began coverage on shares of Old National Bancorp (NASDAQ:ONB) in a research report released on Friday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $27.00 target price on the bank’s stock.

A number of other research analysts have also recently weighed in on the stock. Citigroup boosted their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th. Royal Bank Of Canada upped their price objective on Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a research note on Thursday, January 22nd. UBS Group reissued a “neutral” rating and set a $26.00 price objective on shares of Old National Bancorp in a report on Wednesday, February 4th. Finally, National Bank Financial set a $30.00 target price on Old National Bancorp in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.36.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $21.43 on Friday. The stock has a market capitalization of $8.35 billion, a price-to-earnings ratio of 11.97 and a beta of 0.84. Old National Bancorp has a one year low of $16.83 and a one year high of $26.17. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.93 and a quick ratio of 0.93. The business’s fifty day moving average is $23.51 and its 200-day moving average is $22.43.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share 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 company had revenue of $698.53 million during the quarter, compared to analyst estimates of $705.62 million. During the same quarter in the prior year, the business earned $0.49 earnings per share. Equities research analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be given a $0.145 dividend. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $0.58 annualized dividend and a dividend yield of 2.7%. Old National Bancorp’s payout ratio is 32.40%.

Insider Activity at Old National Bancorp

In related 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 transaction of $751,500.00. Following the sale, 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 filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Carlson Capital L.P. boosted its holdings in shares of Old National Bancorp by 1.1% in the fourth quarter. Carlson Capital L.P. now owns 38,000 shares of the bank’s stock worth $848,000 after acquiring an additional 400 shares during the period. Rothschild Investment LLC grew its position in shares of Old National Bancorp by 72.3% in the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock valued at $28,000 after purchasing an additional 535 shares in the last quarter. Glenmede Investment Management LP raised its stake in shares of Old National Bancorp by 1.0% during the 3rd quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock valued at $1,362,000 after purchasing an additional 625 shares during the period. Connable Office Inc. lifted its holdings in Old National Bancorp by 2.9% during the 3rd quarter. Connable Office Inc. now owns 22,191 shares of the bank’s stock worth $487,000 after purchasing an additional 635 shares in the last quarter. Finally, Quantum Portfolio Management LLC lifted its holdings in Old National Bancorp by 4.5% during the 3rd quarter. Quantum Portfolio Management LLC now owns 16,058 shares of the bank’s stock worth $352,000 after purchasing an additional 690 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Company Profile

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.