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

Old National Bancorp (NASDAQ:ONB) has been given an average recommendation of “Buy” by the nine research firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $25.90.

Several research firms have recently weighed in on ONB. Barclays cut their target price 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. Truist Financial initiated coverage on shares of Old National Bancorp in a research report on Tuesday, May 13th. They set a “buy” rating and a $26.00 price objective on the stock. Stephens restated an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Monday, April 14th. Royal Bank Of Canada cut their price target on shares of Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Finally, National Bankshares set a $24.00 price objective on shares of Old National Bancorp in a research report on Tuesday, May 20th.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $20.32 on Wednesday. The business has a fifty day moving average price of $20.78 and a 200-day moving average price of $21.69. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $6.50 billion, a PE ratio of 11.81 and a beta of 0.86. Old National Bancorp has a 1-year low of $15.90 and a 1-year high of $24.49.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The firm had revenue of $486.87 million during the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a net margin of 18.74% and a return on equity of 9.98%. As a group, equities analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, June 5th were given a dividend of $0.14 per share. The ex-dividend date was Thursday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.76%. Old National Bancorp’s dividend payout ratio (DPR) is presently 32.56%.

Institutional Trading of Old National Bancorp

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Old National Bancorp by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank’s stock valued at $736,261,000 after acquiring an additional 290,005 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its position in shares of Old National Bancorp by 1.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank’s stock valued at $380,202,000 after purchasing an additional 216,188 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Old National Bancorp by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 17,290,139 shares of the bank’s stock valued at $366,370,000 after purchasing an additional 183,850 shares during the last quarter. Wellington Management Group LLP lifted its position in Old National Bancorp by 923.4% during the fourth quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock worth $189,374,000 after buying an additional 7,872,318 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Old National Bancorp by 4.5% during the fourth quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank’s stock worth $163,899,000 after buying an additional 326,135 shares during the last quarter. 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.