Old National Bancorp’s (ONB) “Strong-Buy” Rating Reiterated at Raymond James

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

Several other brokerages have also recently weighed in on ONB. Barclays boosted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Piper Sandler restated an “overweight” rating and issued a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Stephens reaffirmed an “overweight” rating and set a $27.00 target price on shares of Old National Bancorp in a report on Wednesday. Royal Bank of Canada increased their price target on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 26th. Finally, StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $26.29.

Old National Bancorp Price Performance

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

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data 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 return on equity of 14.32% and a net margin of 18.24%. During the same period last year, the business posted $0.46 EPS. Sell-side analysts anticipate 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. Shareholders of record on Thursday, December 5th were paid a $0.14 dividend. The ex-dividend date was Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.43%. Old National Bancorp’s payout ratio is 33.33%.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds have recently modified their holdings of the business. Greenleaf Trust acquired a new stake in shares of Old National Bancorp during the fourth quarter worth $231,000. EMC Capital Management raised its stake in shares of Old National Bancorp by 145.2% in the 4th quarter. EMC Capital Management now owns 22,445 shares of the bank’s stock valued at $487,000 after purchasing an additional 13,293 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Old National Bancorp by 2.1% in the fourth quarter. Pacer Advisors Inc. now owns 47,550 shares of the bank’s stock valued at $1,032,000 after purchasing an additional 975 shares in the last quarter. KBC Group NV lifted its holdings in shares of Old National Bancorp by 33.5% in the fourth quarter. KBC Group NV now owns 13,067 shares of the bank’s stock valued at $284,000 after purchasing an additional 3,278 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in shares of Old National Bancorp by 58.9% during the fourth 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 period. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.