Old National Bancorp (NASDAQ:ONB) Price Target Increased to $22.00 by Analysts at Barclays

Old National Bancorp (NASDAQ:ONB) had its target price lifted by Barclays from $21.00 to $22.00 in a research note released on Monday, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

A number of other equities analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods reissued an outperform rating and issued a $20.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 2nd. StockNews.com cut shares of Old National Bancorp from a hold rating to a sell rating in a research report on Friday, June 21st. Royal Bank of Canada reissued a sector perform rating and issued a $18.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 9th. Finally, Hovde Group began coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They issued an outperform rating and a $20.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $19.13.

Old National Bancorp Stock Up 1.1 %

Shares of Old National Bancorp stock opened at $16.73 on Monday. The company has a fifty day moving average price of $16.73 and a 200 day moving average price of $16.61. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $17.82. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of 9.04 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The firm had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The firm’s revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.54 EPS. Equities research analysts forecast that Old National Bancorp will post 1.82 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Wednesday, June 5th were issued a $0.14 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 dividend on an annualized basis and a yield of 3.35%. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Insiders Place Their Bets

In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the transaction, the chief executive officer now owns 50,001 shares of the company’s stock, valued at $795,015.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Old National Bancorp news, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the transaction, the chief financial officer now owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following the completion of the transaction, the chief executive officer now directly owns 50,001 shares in the company, valued at approximately $795,015.90. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Old National Bancorp

A number of hedge funds have recently made changes to their positions in ONB. Rise Advisors LLC bought a new stake in shares of Old National Bancorp during the first quarter valued at approximately $28,000. Parkside Financial Bank & Trust raised its holdings in shares of Old National Bancorp by 57.2% during the third quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock valued at $38,000 after buying an additional 949 shares during the last quarter. LRI Investments LLC bought a new stake in shares of Old National Bancorp during the first quarter valued at approximately $48,000. Quadrant Capital Group LLC raised its holdings in shares of Old National Bancorp by 14.5% during the fourth quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock valued at $136,000 after buying an additional 1,020 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC bought a new stake in shares of Old National Bancorp during the fourth quarter valued at approximately $181,000. 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.