Old National Bancorp (NASDAQ:ONB) Receives $26.00 Average Price Target from Brokerages

Old National Bancorp (NASDAQ:ONB) has received a consensus recommendation of “Buy” from the seven brokerages that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $26.00.

A number of research analysts have commented on the stock. Stephens restated an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $26.00 price target (up previously from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Raymond James dropped their price objective on Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a research note on Wednesday, April 2nd. Finally, Barclays lifted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 20th.

Old National Bancorp Price Performance

Shares of ONB stock opened at $17.97 on Friday. Old National Bancorp has a 12 month low of $15.38 and a 12 month high of $24.49. The company has a market capitalization of $5.73 billion, a P/E ratio of 10.70 and a beta of 0.82. The stock has a 50 day moving average of $22.44 and a two-hundred day moving average of $21.45. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84.

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 analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same quarter in the prior year, the company earned $0.46 EPS. As a group, equities 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 was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp’s dividend payout ratio is presently 33.33%.

Institutional Trading of Old National Bancorp

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Old National Bancorp by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank’s stock valued at $736,261,000 after buying an additional 290,005 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Old National Bancorp by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 17,106,289 shares of the bank’s stock worth $371,294,000 after purchasing an additional 132,002 shares during the period. State Street Corp increased its position in Old National Bancorp by 0.3% in the third quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock worth $275,941,000 after purchasing an additional 42,723 shares during the period. Wellington Management Group LLP raised its holdings in Old National Bancorp by 923.4% during the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock worth $189,374,000 after purchasing an additional 7,872,318 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Old National Bancorp by 6.6% during the 3rd 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 during the period. 83.66% of the stock is owned by institutional investors.

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.