Raymond James Cuts Old National Bancorp (NASDAQ:ONB) Price Target to $27.00

Old National Bancorp (NASDAQ:ONB) had its price objective lowered by Raymond James from $29.00 to $27.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a strong-buy rating on the bank’s stock.

A number of other analysts also recently issued reports on ONB. Barclays raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $26.00 target price (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Stephens reiterated an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, January 22nd. Finally, StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $26.00.

Old National Bancorp Stock Performance

ONB opened at $21.35 on Wednesday. Old National Bancorp has a twelve month low of $15.38 and a twelve month high of $24.49. The firm has a market capitalization of $6.81 billion, a PE ratio of 12.71 and a beta of 0.85. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The firm’s 50-day moving average price is $22.63 and its 200 day moving average price is $21.44.

Old National Bancorp (NASDAQ:ONB) last issued its 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 return on equity of 10.13% and a net margin of 18.24%. During the same quarter in the previous year, the company posted $0.46 EPS. As a group, sell-side analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were given a dividend of $0.14 per share. The ex-dividend date was Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.62%. Old National Bancorp’s payout ratio is currently 33.33%.

Institutional Trading of Old National Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in shares of Old National Bancorp by 923.4% during the fourth quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock worth $189,374,000 after buying an additional 7,872,318 shares during the period. Millennium Management LLC lifted its stake in Old National Bancorp by 10,795.2% during the 4th quarter. Millennium Management LLC now owns 4,795,942 shares of the bank’s stock worth $104,096,000 after acquiring an additional 4,751,923 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in Old National Bancorp during the 4th quarter valued at about $78,293,000. Norges Bank acquired a new position in Old National Bancorp in the 4th quarter valued at about $76,684,000. Finally, William Blair Investment Management LLC grew its position in Old National Bancorp by 172.1% in the 4th quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank’s stock valued at $119,236,000 after acquiring an additional 3,474,578 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.