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

Old National Bancorp (NASDAQ:ONB) has been given a consensus recommendation of “Moderate Buy” by the eleven research firms that are presently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $27.9091.

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Barclays boosted their target price on shares of Old National Bancorp from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Tuesday, April 7th. Jefferies Financial Group increased their price target on shares of Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. Truist Financial increased their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Finally, Citigroup increased their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th.

Old National Bancorp Price Performance

ONB stock opened at $23.96 on Wednesday. The firm’s fifty day simple moving average is $23.48 and its 200-day simple moving average is $23.20. The company has a market capitalization of $9.26 billion, a P/E ratio of 12.35 and a beta of 0.84. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93. Old National Bancorp has a 12 month low of $19.39 and a 12 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 EPS 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 the consensus estimate of $706.62 million. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The business’s revenue for the quarter was up 44.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. As a group, equities research analysts forecast that Old National Bancorp will post 2.58 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, June 5th will be given a $0.145 dividend. The ex-dividend date is Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.4%. Old National Bancorp’s dividend payout ratio is 29.90%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ONB. Royal Bank of Canada raised its position in shares of Old National Bancorp by 2.0% in the first quarter. Royal Bank of Canada now owns 214,065 shares of the bank’s stock worth $4,536,000 after acquiring an additional 4,153 shares during the period. Jones Financial Companies Lllp raised its position in shares of Old National Bancorp by 87.8% in the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank’s stock worth $269,000 after acquiring an additional 5,936 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Old National Bancorp by 8.2% in the first 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Old National Bancorp by 7.6% in 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 worth $19,349,000 after acquiring an additional 64,110 shares during the period. Finally, Russell Investments Group Ltd. raised its position in Old National Bancorp by 6.1% during the second quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank’s stock worth $1,149,000 after acquiring an additional 3,091 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.