Brokerages Set Old National Bancorp (NASDAQ:ONB) Price Target at $27.45

Old National Bancorp (NASDAQ:ONB) has earned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $27.4545.

ONB has been the subject of a number of recent research reports. Royal Bank Of Canada lifted their price objective on shares of Old National Bancorp from $25.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Thursday, January 22nd. TD Cowen upgraded Old National Bancorp from a “hold” rating to a “buy” rating and increased their price target for the company from $27.00 to $30.00 in a report on Thursday, January 22nd. Citigroup lifted their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Stephens boosted their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Thursday, January 22nd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a research note on Monday, December 29th.

Insiders Place Their Bets

In related news, insider Nicholas J. Chulos sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total value of $751,500.00. Following the transaction, the insider owned 20,438 shares of the company’s stock, valued at $511,971.90. This trade represents a 59.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.87% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Old National Bancorp by 10.1% in the third quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after acquiring an additional 3,379,577 shares during the period. Dimensional Fund Advisors LP increased its position in Old National Bancorp by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 17,572,298 shares of the bank’s stock valued at $392,046,000 after purchasing an additional 67,362 shares during the period. State Street Corp increased its position in Old National Bancorp by 5.6% during the 3rd quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock valued at $365,816,000 after purchasing an additional 890,309 shares during the period. American Century Companies Inc. raised its holdings in shares of Old National Bancorp by 2.5% in the 2nd quarter. American Century Companies Inc. now owns 12,631,487 shares of the bank’s stock valued at $269,556,000 after purchasing an additional 309,812 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Old National Bancorp by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock valued at $215,958,000 after purchasing an additional 91,341 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $21.24 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.93 and a quick ratio of 0.93. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $26.17. The business has a 50 day simple moving average of $23.65 and a two-hundred day simple moving average of $22.47. The stock has a market capitalization of $8.28 billion, a PE ratio of 11.87 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.03. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.The business had revenue of $698.53 million for the quarter, compared to analysts’ expectations of $705.62 million. During the same period in the prior year, the firm earned $0.49 EPS. On average, research analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be issued a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, May 5th. Old National Bancorp’s dividend payout ratio is presently 32.40%.

Old National Bancorp Company Profile

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.