Barclays Issues Positive Forecast for Old National Bancorp (NASDAQ:ONB) Stock Price

Old National Bancorp (NASDAQ:ONB) had its price target raised by Barclays from $29.00 to $30.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Several other analysts also recently issued reports on ONB. Royal Bank Of Canada upped their price objective on Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a research report on Thursday, January 22nd. National Bank Financial set a $30.00 price objective on Old National Bancorp in a research report on Thursday, January 22nd. Truist Financial upped their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, January 26th. TD Cowen upgraded Old National Bancorp from a “hold” rating to a “buy” rating and upped their price objective for the company from $27.00 to $30.00 in a research report on Thursday, January 22nd. Finally, Stephens assumed coverage on Old National Bancorp in a research report on Friday, March 27th. They issued an “overweight” rating and a $27.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $27.50.

Old National Bancorp Stock Up 0.4%

Shares of NASDAQ ONB opened at $22.51 on Tuesday. Old National Bancorp has a 12-month low of $17.32 and a 12-month high of $26.17. The company has a market capitalization of $8.77 billion, a PE ratio of 12.58 and a beta of 0.83. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.93 and a quick ratio of 0.93. The firm’s 50-day moving average is $23.31 and its two-hundred day moving average is $22.43.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.03. Old National Bancorp had a net margin of 17.91% and a return on equity of 10.75%. The company had revenue of $698.53 million for the quarter, compared to the consensus estimate of $705.62 million. During the same quarter in the prior year, the firm earned $0.49 earnings per share. Equities analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, May 16th. Investors of record on Tuesday, May 5th will be paid a dividend of $0.145 per share. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $0.58 annualized dividend and a dividend yield of 2.6%. Old National Bancorp’s dividend payout ratio is presently 32.40%.

Insiders Place Their Bets

In related news, insider Nicholas J. Chulos sold 30,000 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total transaction of $751,500.00. Following the transaction, the insider directly owned 20,438 shares in the company, valued at approximately $511,971.90. This represents a 59.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On Old National Bancorp

Several large investors have recently added to or reduced their stakes in the business. Carlson Capital L.P. lifted its position in Old National Bancorp by 1.1% during the fourth quarter. Carlson Capital L.P. now owns 38,000 shares of the bank’s stock worth $848,000 after buying an additional 400 shares during the period. Rothschild Investment LLC lifted its position in Old National Bancorp by 72.3% during the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock worth $28,000 after buying an additional 535 shares during the period. Glenmede Investment Management LP lifted its position in Old National Bancorp by 1.0% during the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock worth $1,362,000 after buying an additional 625 shares during the period. Connable Office Inc. lifted its position in Old National Bancorp by 2.9% during the third quarter. Connable Office Inc. now owns 22,191 shares of the bank’s stock worth $487,000 after buying an additional 635 shares during the period. Finally, Quantum Portfolio Management LLC raised its stake in Old National Bancorp by 4.5% during the third quarter. Quantum Portfolio Management LLC now owns 16,058 shares of the bank’s stock worth $352,000 after purchasing an additional 690 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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.