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 research note issued to investors on Tuesday, MarketBeat.com reports. They currently have $28.00 price target on the bank’s stock.

Several other equities analysts have also recently issued reports on the company. Barclays raised their price target on 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 raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Trading Up 0.9 %

Shares of ONB stock opened at $23.14 on Tuesday. 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 capitalization of $7.38 billion, a P/E ratio of 14.07 and a beta of 0.82. Old National Bancorp has a 12-month low of $14.32 and a 12-month high of $23.76. The firm has a 50-day moving average price of $19.63 and a 200 day moving average price of $18.52.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS 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 company had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same quarter in the previous year, the firm earned $0.51 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. Research analysts forecast that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

Institutional Investors Weigh In On Old National Bancorp

Several institutional investors have recently bought and sold shares of ONB. Victory Capital Management Inc. lifted its position in Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after buying an additional 4,303,071 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Old National Bancorp by 12.7% in the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after acquiring an additional 1,896,748 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in Old National Bancorp by 6,650.2% during the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after acquiring an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund boosted its position in Old National Bancorp by 469.7% during the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock valued at $19,400,000 after purchasing an additional 857,158 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Old National Bancorp by 6.6% in the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after purchasing an additional 514,315 shares in the last quarter. 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.