Old National Bancorp (NASDAQ:ONB) Upgraded by Raymond James to “Strong-Buy” Rating

Raymond James upgraded shares of Old National Bancorp (NASDAQ:ONB) from a market perform rating to a strong-buy rating in a report released on Tuesday morning, Marketbeat.com reports. Raymond James currently has $28.00 price target on the bank’s stock.

Several other research firms also recently commented on ONB. Barclays upped their price objective on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, September 27th. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Trading Up 0.9 %

Old National Bancorp stock opened at $23.14 on Tuesday. The stock has a 50-day simple moving average of $19.63 and a 200 day simple moving average of $18.52. The stock has a market capitalization of $7.38 billion, a P/E ratio of 14.07 and a beta of 0.82. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 52 week low of $14.32 and a 52 week high of $23.76.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. During the same period in the previous year, the company posted $0.51 EPS. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. Analysts expect that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s dividend payout ratio is 33.94%.

Institutional Investors Weigh In On Old National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in ONB. Wealth Enhancement Advisory Services LLC raised its stake in Old National Bancorp by 188.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock valued at $885,000 after purchasing an additional 33,615 shares in the last quarter. Busey Bank lifted its holdings in shares of Old National Bancorp by 41.6% during the 2nd quarter. Busey Bank now owns 38,519 shares of the bank’s stock worth $662,000 after acquiring an additional 11,316 shares during the period. Comerica Bank boosted its position in shares of Old National Bancorp by 11.9% during the 1st quarter. Comerica Bank now owns 299,561 shares of the bank’s stock worth $5,215,000 after acquiring an additional 31,937 shares in the last quarter. Retirement Systems of Alabama boosted its position in shares of Old National Bancorp by 6.1% during the 2nd quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank’s stock worth $6,700,000 after acquiring an additional 22,249 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in Old National Bancorp by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after acquiring an additional 90,747 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.