Old National Bancorp (NASDAQ:ONB) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Old National Bancorp (NASDAQ:ONB) have been given an average recommendation of “Moderate Buy” by the eleven analysts that are covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $27.9091.

Several analysts recently weighed in on the company. Barclays raised their price objective on Old National Bancorp from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Tuesday, April 7th. Stephens raised their price objective on Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods raised their price objective on Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Jefferies Financial Group increased their target price on Old National Bancorp from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Wednesday, April 22nd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research report on Thursday, June 4th.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $25.88 on Friday. The stock’s 50-day simple moving average is $24.17 and its 200 day simple moving average is $23.56. The firm has a market capitalization of $10.00 billion, a PE ratio of 13.34 and a beta of 0.84. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $26.17.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01. The business had revenue of $702.70 million for the quarter, compared to analyst estimates of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.Old National Bancorp’s revenue was up 44.4% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. On average, analysts anticipate that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were given a $0.145 dividend. The ex-dividend date was Friday, June 5th. This represents a $0.58 annualized dividend and a yield of 2.2%. Old National Bancorp’s dividend payout ratio (DPR) is currently 29.90%.

Hedge Funds Weigh In On Old National Bancorp

Several large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in Old National Bancorp by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock valued at $395,193,000 after purchasing an additional 310,352 shares during the last quarter. State Street Corp raised its position in 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 last quarter. Geode Capital Management LLC raised its position in Old National Bancorp by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock valued at $215,958,000 after purchasing an additional 91,341 shares during the last quarter. First Trust Advisors LP raised its position in Old National Bancorp by 37.5% in the fourth quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank’s stock valued at $160,381,000 after purchasing an additional 1,961,525 shares during the last quarter. Finally, Morgan Stanley raised its position in Old National Bancorp by 69.8% in the fourth quarter. Morgan Stanley now owns 6,776,716 shares of the bank’s stock valued at $151,189,000 after purchasing an additional 2,785,474 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.