Brokerages Set Old National Bancorp (NASDAQ:ONB) Price Target at $28.73

Shares of Old National Bancorp (NASDAQ:ONB) have been assigned an average rating of “Moderate Buy” from the twelve analysts that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $29.2727.

Several equities research analysts recently issued reports on ONB shares. Stephens lifted their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Jefferies Financial Group reissued a “hold” rating and issued a $27.00 price objective on shares of Old National Bancorp in a research note on Wednesday. Citigroup boosted their target price on shares of Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday. TD Cowen upped their target price on Old National Bancorp from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Barclays increased their target price on Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th.

Old National Bancorp Price Performance

Shares of ONB stock opened at $26.49 on Thursday. The business has a fifty day simple moving average of $25.13 and a 200 day simple moving average of $24.03. The company has a market cap of $10.23 billion, a P/E ratio of 11.77 and a beta of 0.83. The company has a quick ratio of 0.93, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $27.32.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. The firm had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. Old National Bancorp had a return on equity of 16.16% and a net margin of 21.60%.The business’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.53 earnings per share. On average, sell-side analysts forecast that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is 25.78%.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada raised its stake in shares of Old National Bancorp by 2.0% during the first quarter. Royal Bank of Canada now owns 214,065 shares of the bank’s stock valued at $4,536,000 after acquiring an additional 4,153 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Old National Bancorp by 87.8% in the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank’s stock worth $269,000 after purchasing an additional 5,936 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Old National Bancorp by 8.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank’s stock valued at $60,263,000 after purchasing an additional 215,203 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Old National Bancorp by 7.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank’s stock valued at $19,349,000 after purchasing an additional 64,110 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Old National Bancorp by 6.1% in the second quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank’s stock valued at $1,149,000 after purchasing an additional 3,091 shares during the period. 83.66% of the stock is owned by institutional investors.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.