Raymond James Issues Pessimistic Forecast for Old National Bancorp (NASDAQ:ONB) Stock Price

Old National Bancorp (NASDAQ:ONB) had its price target decreased by Raymond James from $29.00 to $27.00 in a research report report published on Wednesday,Benzinga reports. Raymond James currently has a strong-buy rating on the bank’s stock.

Other equities research analysts also recently issued reports about the stock. Barclays boosted their target price 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. Royal Bank of Canada reissued a “sector perform” rating and set a $26.00 price objective (up from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Finally, Stephens reiterated an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $26.00.

Old National Bancorp Stock Down 4.3 %

Shares of NASDAQ:ONB opened at $17.97 on Wednesday. The firm has a market cap of $5.73 billion, a P/E ratio of 10.70 and a beta of 0.82. Old National Bancorp has a 52-week low of $15.38 and a 52-week high of $24.49. The business’s 50 day simple moving average is $22.44 and its two-hundred day simple moving average is $21.42. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results 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 net margin of 18.24% and a return on equity of 10.13%. During the same period in the prior year, the company posted $0.46 earnings per share. As a group, research analysts forecast that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were paid a $0.14 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a yield of 3.12%. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.33%.

Institutional Trading of Old National Bancorp

Large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC lifted its position in shares of Old National Bancorp by 1.4% during the 4th quarter. Sanctuary Advisors LLC now owns 32,029 shares of the bank’s stock valued at $762,000 after buying an additional 432 shares during the last quarter. Mariner LLC raised its stake in Old National Bancorp by 0.9% in the 4th quarter. Mariner LLC now owns 57,744 shares of the bank’s stock valued at $1,253,000 after acquiring an additional 509 shares during the period. Covestor Ltd lifted its holdings in Old National Bancorp by 13.6% during the fourth quarter. Covestor Ltd now owns 4,365 shares of the bank’s stock valued at $95,000 after purchasing an additional 524 shares during the last quarter. Versant Capital Management Inc boosted its position in Old National Bancorp by 58.4% during 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. Finally, CIBC Private Wealth Group LLC increased its stake in shares of Old National Bancorp by 3.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 16,744 shares of the bank’s stock worth $356,000 after purchasing an additional 615 shares in the last quarter. Hedge funds and other institutional investors 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.