Old National Bancorp (NASDAQ:ONB) Receives $27.50 Average Price Target from Analysts

Shares of Old National Bancorp (NASDAQ:ONB) have received a consensus recommendation of “Moderate Buy” from the ten brokerages that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $27.50.

ONB has been the topic of a number of analyst reports. Royal Bank Of Canada increased 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. Stephens initiated coverage on Old National Bancorp in a research note on Friday, March 27th. They set an “overweight” rating and a $27.00 price objective on the stock. Citigroup increased their price objective on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. UBS Group reissued a “neutral” rating and set a $26.00 price target on shares of Old National Bancorp in a research note on Wednesday, February 4th. Finally, National Bank Financial set a $30.00 price target on Old National Bancorp in a research note on Thursday, January 22nd.

Insider Activity

In other news, insider Nicholas J. Chulos sold 30,000 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total value of $751,500.00. Following the transaction, the insider owned 20,438 shares of the company’s stock, valued at approximately $511,971.90. This trade represents a 59.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ONB. Vanguard Group Inc. raised its position in Old National Bancorp by 10.1% in the third quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock valued at $808,047,000 after purchasing an additional 3,379,577 shares during the period. Norges Bank purchased a new position in Old National Bancorp in the fourth quarter valued at about $72,661,000. 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 period. First Trust Advisors LP raised its position in Old National Bancorp by 104.6% in the third quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank’s stock valued at $114,738,000 after purchasing an additional 2,672,319 shares during the period. Finally, Thrivent Financial for Lutherans raised its position in Old National Bancorp by 439.7% in the second quarter. Thrivent Financial for Lutherans now owns 2,595,144 shares of the bank’s stock valued at $55,380,000 after purchasing an additional 2,114,266 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $24.25 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.86. The business’s 50 day moving average is $23.04 and its two-hundred day moving average is $22.53. Old National Bancorp has a 12-month low of $18.83 and a 12-month high of $26.17. The stock has a market capitalization of $9.37 billion, a price-to-earnings ratio of 13.55 and a beta of 0.83.

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 analysts’ consensus estimates of $0.59 by $0.03. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.The firm had revenue of $698.53 million for the quarter, compared to the consensus estimate of $705.62 million. During the same period in the previous year, the business earned $0.49 earnings per share. Research analysts expect that Old National Bancorp will post 2.58 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be issued a dividend of $0.145 per share. The ex-dividend date is Tuesday, May 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.4%. Old National Bancorp’s payout ratio is presently 32.40%.

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.