Old National Bancorp (NASDAQ:ONB) Given New $27.00 Price Target at Raymond James

Old National Bancorp (NASDAQ:ONB) had its price objective cut by Raymond James from $29.00 to $27.00 in a report published on Wednesday morning,Benzinga reports. They currently have a strong-buy rating on the bank’s stock.

Several other equities research analysts have also commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $26.00 price target (up from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Stephens restated an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, January 22nd. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Finally, Barclays raised their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. One analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $26.00.

Old National Bancorp Trading Up 1.6 %

Shares of NASDAQ:ONB opened at $21.35 on Wednesday. The business has a 50-day moving average price of $22.63 and a 200-day moving average price of $21.44. The stock has a market cap of $6.81 billion, a price-to-earnings ratio of 12.71 and a beta of 0.85. Old National Bancorp has a 52-week low of $15.38 and a 52-week high of $24.49. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating the consensus estimate 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 previous year, the business posted $0.46 earnings per share. Equities analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.62%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp’s payout ratio is 33.33%.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors have recently added to or reduced their stakes in ONB. Vanguard Group Inc. lifted its holdings in Old National Bancorp by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank’s stock valued at $736,261,000 after purchasing an additional 290,005 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Old National Bancorp by 0.8% during the 4th 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 last quarter. State Street Corp lifted its stake in Old National Bancorp by 0.3% in the 3rd quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock valued at $275,941,000 after buying an additional 42,723 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Old National Bancorp by 923.4% in the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock worth $189,374,000 after buying an additional 7,872,318 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake 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 worth $155,502,000 after buying an additional 514,315 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.