Old National Bancorp (NASDAQ:ONB) Upgraded at StockNews.com

StockNews.com upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a research report report published on Monday.

Separately, Barclays upped their price target on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Two equities research 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 MarketBeat.com, Old National Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $23.14 on Monday. The firm has a market capitalization of $7.38 billion, a PE ratio of 14.04 and a beta of 0.82. Old National Bancorp has a one year low of $14.32 and a one year high of $23.76. The company has a 50-day simple moving average of $19.72 and a 200-day simple moving average of $18.56. 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 (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. During the same period in the prior year, the firm earned $0.51 EPS. The business’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities analysts forecast that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

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

Institutional Investors Weigh In On Old National Bancorp

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