Old National Bancorp’s (ONB) “Overweight” Rating Reaffirmed at Stephens

Stephens restated their overweight rating on shares of Old National Bancorp (NASDAQ:ONB) in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a $27.00 target price on the bank’s stock.

A number of other research firms have also recently issued reports on ONB. Raymond James lowered their price objective on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 2nd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $26.00 price target (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Barclays reduced their price objective on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. One 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $25.71.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $19.02 on Monday. 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 has a 52 week low of $15.38 and a 52 week high of $24.49. The stock has a market capitalization of $6.07 billion, a P/E ratio of 11.32 and a beta of 0.82. The stock has a fifty day moving average of $21.64 and a 200-day moving average of $21.43.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same period in the previous year, the firm earned $0.46 EPS. On average, sell-side analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were issued 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 2.94%. Old National Bancorp’s payout ratio is 33.33%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ONB. Lee Danner & Bass Inc. bought a new position in shares of Old National Bancorp during the fourth quarter worth about $25,000. Empowered Funds LLC bought a new position in Old National Bancorp during the 4th quarter worth approximately $28,000. Versant Capital Management Inc lifted its position in shares of Old National Bancorp by 58.4% in the 4th 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. UMB Bank n.a. boosted its stake in shares of Old National Bancorp by 58.9% in the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after purchasing an additional 663 shares during the last quarter. Finally, Bank of Jackson Hole Trust acquired a new stake in shares of Old National Bancorp during the fourth quarter worth $65,000. 83.66% of the stock is owned by institutional investors and hedge funds.

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.