Brokerages Set Old National Bancorp (NASDAQ:ONB) PT at $26.30

Shares of Old National Bancorp (NASDAQ:ONB) have received an average rating of “Moderate Buy” from the nine brokerages that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $26.30.

Several analysts have issued reports on the company. Truist Financial lifted their price target on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, July 11th. Raymond James Financial decreased 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. National Bankshares set a $24.00 price objective on Old National Bancorp in a report on Tuesday, May 20th. Stephens restated an “overweight” rating and issued a $27.00 price objective on shares of Old National Bancorp in a report on Monday, April 14th. Finally, Royal Bank Of Canada decreased their price objective on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ONB. Vanguard Group Inc. grew its stake in shares of Old National Bancorp by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank’s stock worth $736,261,000 after purchasing an additional 290,005 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in Old National Bancorp by 1.2% during 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 acquiring an additional 216,188 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Old National Bancorp by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 17,290,139 shares of the bank’s stock worth $366,370,000 after acquiring an additional 183,850 shares during the period. Wellington Management Group LLP grew its holdings in Old National Bancorp by 923.4% during the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock worth $189,374,000 after acquiring an additional 7,872,318 shares during the period. Finally, William Blair Investment Management LLC grew its holdings in Old National Bancorp by 172.1% during the 4th quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank’s stock worth $119,236,000 after acquiring an additional 3,474,578 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $22.43 on Friday. The company has a market capitalization of $7.17 billion, a PE ratio of 13.04 and a beta of 0.85. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.82. The stock’s fifty day simple moving average is $21.49 and its 200 day simple moving average is $21.62.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.42 by $0.03. The business had revenue of $486.87 million for the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a return on equity of 9.98% and a net margin of 18.74%. On average, research analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Thursday, June 5th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.50%. Old National Bancorp’s dividend payout ratio (DPR) is presently 32.56%.

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.