Brokerages Set Old National Bancorp (NASDAQ:ONB) Target Price at $26.29

Old National Bancorp (NASDAQ:ONB) has been assigned a consensus recommendation of “Buy” from the seven research firms that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $26.29.

ONB has been the topic of several analyst reports. Raymond James reaffirmed a “strong-buy” rating and set a $29.00 price target (up previously from $28.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $26.00 target price (up previously from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods raised their target price on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. Stephens reiterated an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd.

Old National Bancorp Price Performance

ONB opened at $20.62 on Monday. Old National Bancorp has a 1 year low of $15.38 and a 1 year high of $24.49. The company’s 50 day simple moving average is $22.85 and its 200 day simple moving average is $21.22. The stock has a market capitalization of $6.58 billion, a PE ratio of 12.27 and a beta of 0.85. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93.

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 period in the prior year, the business earned $0.46 earnings per share. As a group, sell-side analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Wednesday, March 5th. Old National Bancorp’s dividend payout ratio is 33.33%.

Institutional Trading of Old National Bancorp

A number of hedge funds have recently bought and sold shares of the company. Lee Danner & Bass Inc. purchased a new stake in shares of Old National Bancorp in the 4th quarter valued at approximately $25,000. Empowered Funds LLC acquired a new position in shares of Old National Bancorp in the 4th quarter valued at about $28,000. Versant Capital Management Inc lifted its position in shares of Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after purchasing an additional 615 shares in the last quarter. UMB Bank n.a. grew its position in Old National Bancorp by 58.9% during the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after purchasing an additional 663 shares in the last quarter. Finally, Bank of Jackson Hole Trust acquired a new position in Old National Bancorp in the 4th quarter valued at approximately $65,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.