Old National Bancorp (NASDAQ:ONB) Receives Average Rating of “Buy” from Analysts

Shares of Old National Bancorp (NASDAQ:ONB) have been given a consensus rating of “Buy” by the seven ratings firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $25.71.

ONB has been the subject of several research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $26.00 target price (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Barclays dropped their target price on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a research report on Tuesday. Stephens reissued an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Raymond James dropped their price objective on Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a report on Wednesday, April 2nd.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $17.95 on Friday. The company has a fifty day moving average price of $22.11 and a two-hundred day moving average price of $21.41. The stock has a market cap of $5.73 billion, a P/E ratio of 10.68 and a beta of 0.82. Old National Bancorp has a one year low of $15.38 and a one year high of $24.49. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping 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 previous year, the business earned $0.46 EPS. As a group, equities analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend was Wednesday, March 5th. Old National Bancorp’s payout ratio is 33.33%.

Institutional Trading of Old National Bancorp

A number of hedge funds have recently modified their holdings of the stock. Lee Danner & Bass Inc. purchased a new position in Old National Bancorp during the fourth quarter worth approximately $25,000. Empowered Funds LLC purchased a new position in Old National Bancorp in the 4th quarter worth approximately $28,000. Versant Capital Management Inc grew 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. increased its holdings in shares of 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. Finally, Bank of Jackson Hole Trust purchased a new stake in Old National Bancorp in the fourth quarter valued at $65,000. 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.