Old National Bancorp (NASDAQ:ONB) Receives $24.38 Average PT from Analysts

Shares of Old National Bancorp (NASDAQ:ONB) have been assigned a consensus rating of “Buy” from the eight brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $24.38.

A number of equities analysts have commented on the stock. StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a research note on Tuesday, November 26th. Royal Bank of Canada boosted their price target on shares of Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 26th. Piper Sandler restated an “overweight” rating and issued a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th.

Old National Bancorp Stock Performance

ONB opened at $23.66 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The company has a market cap of $7.55 billion, a price-to-earnings ratio of 14.34 and a beta of 0.87. Old National Bancorp has a 52-week low of $15.36 and a 52-week high of $24.17. The firm’s fifty day simple moving average is $22.11 and its two-hundred day simple moving average is $20.10.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. During the same period in the prior year, the company earned $0.46 EPS. Equities analysts anticipate that Old National Bancorp will post 1.82 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend was Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its position in shares of Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after buying an additional 1,325 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Old National Bancorp by 58.4% during the 4th quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after buying an additional 615 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Old National Bancorp by 58.9% during the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after buying an additional 663 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Old National Bancorp by 156.8% during the 3rd quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock worth $73,000 after buying an additional 2,385 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Old National Bancorp during the 3rd quarter worth approximately $91,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

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.