Old National Bancorp (NASDAQ:ONB) Given Average Rating of “Buy” by Analysts

Shares of Old National Bancorp (NASDAQ:ONB) have received a consensus recommendation of “Buy” from the eight ratings firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $24.38.

A number of research analysts have commented on ONB shares. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada boosted their price target on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods increased their price objective on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Piper Sandler reiterated an “overweight” rating and issued a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Finally, Barclays boosted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $21.77 on Wednesday. The company has a market capitalization of $6.94 billion, a price-to-earnings ratio of 13.19 and a beta of 0.86. Old National Bancorp has a 1-year low of $15.36 and a 1-year high of $23.76. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The stock’s fifty day simple moving average is $21.46 and its 200-day simple moving average is $19.45.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. The company had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.51 EPS. On average, sell-side analysts predict that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.57%. Old National Bancorp’s payout ratio is currently 33.94%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fisher Asset Management LLC grew its holdings in Old National Bancorp by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after buying an additional 90,747 shares during the last quarter. Citigroup Inc. boosted its position in shares of Old National Bancorp by 12.1% in the third quarter. Citigroup Inc. now owns 485,023 shares of the bank’s stock valued at $9,051,000 after acquiring an additional 52,430 shares during the period. LMR Partners LLP acquired a new stake in shares of Old National Bancorp in the third quarter worth $452,000. First Eagle Investment Management LLC increased its position in Old National Bancorp by 10.1% during the second quarter. First Eagle Investment Management LLC now owns 491,698 shares of the bank’s stock worth $8,452,000 after acquiring an additional 45,000 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Old National Bancorp by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,629,864 shares of the bank’s stock worth $67,733,000 after acquiring an additional 78,983 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.