Old National Bancorp (NASDAQ:ONB) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Old National Bancorp (NASDAQ:ONB) have received an average recommendation of “Buy” from the nine brokerages that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have covered the stock in the last year is $25.90.

A number of research firms have weighed in on ONB. Jefferies Financial Group began coverage on Old National Bancorp in a research note on Wednesday, May 21st. They set a “hold” rating and a $24.00 price objective for the company. Barclays reduced their price objective on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. National Bankshares set a $24.00 price objective on Old National Bancorp in a research note on Tuesday, May 20th. Citigroup reduced their price objective on Old National Bancorp from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Finally, Stephens reiterated an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a research note on Monday, April 14th.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors have recently modified their holdings of ONB. Empowered Funds LLC acquired a new stake in shares of Old National Bancorp during the 4th quarter valued at about $28,000. Rhumbline Advisers grew its position in shares of Old National Bancorp by 1.5% during the 4th quarter. Rhumbline Advisers now owns 1,123,805 shares of the bank’s stock valued at $24,392,000 after acquiring an additional 16,878 shares during the period. Allworth Financial LP grew its position in shares of Old National Bancorp by 150.5% during the 4th quarter. Allworth Financial LP now owns 3,507 shares of the bank’s stock valued at $82,000 after acquiring an additional 2,107 shares during the period. Principal Financial Group Inc. boosted its holdings in Old National Bancorp by 2.4% in the 4th quarter. Principal Financial Group Inc. now owns 973,917 shares of the bank’s stock worth $21,139,000 after buying an additional 23,037 shares during the last quarter. Finally, Sanctuary Advisors LLC boosted its holdings in Old National Bancorp by 1.4% in the 4th quarter. Sanctuary Advisors LLC now owns 32,029 shares of the bank’s stock worth $762,000 after buying an additional 432 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $21.16 on Wednesday. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of 12.30 and a beta of 0.86. 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 business has a fifty day moving average of $20.95 and a 200 day moving average of $21.61. Old National Bancorp has a 1 year low of $16.30 and a 1 year high of $24.49.

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

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Thursday, June 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date was Thursday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 32.56%.

Old National Bancorp Company Profile

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.