Old National Bancorp (NASDAQ:ONB) Given “Strong-Buy” Rating at Raymond James

Raymond James reiterated their strong-buy rating on shares of Old National Bancorp (NASDAQ:ONB) in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a $29.00 target price on the bank’s stock, up from their prior target price of $28.00.

A number of other analysts have also recently issued reports on the company. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Barclays lifted their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Keefe, Bruyette & Woods increased their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Royal Bank of Canada lifted their target price on shares of Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 26th. Finally, Stephens restated an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.29.

Old National Bancorp Trading Up 0.9 %

Shares of Old National Bancorp stock opened at $23.07 on Wednesday. Old National Bancorp has a 12-month low of $15.36 and a 12-month high of $24.17. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.83. The business’s 50 day moving average is $22.19 and its 200-day moving average is $20.19. The stock has a market cap of $7.36 billion, a P/E ratio of 13.73 and a beta of 0.87.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 14.32%. During the same period in the previous year, the company earned $0.46 earnings per share. Equities research analysts predict that Old National Bancorp will post 2.03 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were issued a dividend of $0.14 per share. The ex-dividend date was Thursday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.43%. Old National Bancorp’s dividend payout ratio is presently 33.33%.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC raised its holdings in Old National Bancorp by 1,766.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,325 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after purchasing an additional 615 shares during the period. UMB Bank n.a. raised its stake in Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after purchasing an additional 663 shares in the last quarter. GAMMA Investing LLC lifted its position in Old National Bancorp by 156.8% during the third quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock worth $73,000 after purchasing an additional 2,385 shares during the period. Finally, Quest Partners LLC acquired a new stake in Old National Bancorp during the third quarter worth about $91,000. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Company Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.