Old National Bancorp (NASDAQ:ONB) Receives Average Recommendation of “Buy” from Brokerages

Shares of Old National Bancorp (NASDAQ:ONB) have earned a consensus recommendation of “Buy” from the seven ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $26.29.

Several research analysts have commented on ONB shares. Keefe, Bruyette & Woods raised their price objective on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Raymond James reissued a “strong-buy” rating and set a $29.00 target price (up previously from $28.00) on shares of Old National Bancorp in a research report on Wednesday. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Stephens reissued an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday. Finally, Barclays raised their price target 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.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $23.07 on Friday. The firm has a market cap of $7.36 billion, a price-to-earnings ratio of 13.73 and a beta of 0.87. The firm has a fifty day moving average price of $22.19 and a 200 day moving average price of $20.21. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.93. Old National Bancorp has a fifty-two week low of $15.36 and a fifty-two week high of $24.17.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 14.32% and a net margin of 18.24%. During the same period last year, the business posted $0.46 earnings per share. As a group, sell-side analysts expect that Old National Bancorp will post 2.03 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date was Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 33.33%.

Institutional Trading of Old National Bancorp

Large investors have recently made changes to their positions in the company. International Assets Investment Management LLC grew its holdings in shares of Old National Bancorp by 1,766.7% during the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after purchasing an additional 1,325 shares during the last quarter. Versant Capital Management Inc increased its holdings 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 valued at $36,000 after purchasing an additional 615 shares during the period. UMB Bank n.a. raised its position in Old National Bancorp by 58.9% during the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after buying an additional 663 shares during the last quarter. GAMMA Investing LLC raised its holdings 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 in the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Old National Bancorp in the 3rd quarter valued at approximately $91,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

About Old National Bancorp

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.