Old National Bancorp (NASDAQ:ONB) Receives $13.56 Consensus Target Price from Analysts
Old National Bancorp (NASDAQ:ONB) has received a consensus rating of “Hold” from the ten analysts that are covering the company. Eight equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $13.56.
A number of equities research analysts have issued reports on the company. Hovde Group assumed coverage on Old National Bancorp in a research note on Wednesday, August 3rd. They issued a “market perform” rating and a $14.00 price target for the company. Zacks Investment Research upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 15th. Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $13.00 to $13.50 and gave the stock a “market perform” rating in a research note on Tuesday, August 2nd. Finally, Piper Jaffray Cos. assumed coverage on Old National Bancorp in a research note on Monday, July 11th. They issued a “neutral” rating and a $13.50 price target for the company.
Old National Bancorp (NASDAQ:ONB) opened at 13.90 on Friday. The stock has a 50 day moving average price of $13.88 and a 200 day moving average price of $13.03. Old National Bancorp has a 12-month low of $10.69 and a 12-month high of $15.00. The stock has a market cap of $1.88 billion, a P/E ratio of 12.08 and a beta of 1.31.
Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Monday, August 1st. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.08. Old National Bancorp had a return on equity of 7.48% and a net margin of 20.28%. During the same period last year, the firm posted $0.25 earnings per share. On average, analysts forecast that Old National Bancorp will post $0.97 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Thursday, September 1st were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Tuesday, August 30th. Old National Bancorp’s payout ratio is 45.22%.
In related news, insider Daryl D. Moore sold 33,442 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $13.80, for a total value of $461,499.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors L.L.C. increased its stake in shares of Old National Bancorp by 351.0% in the first quarter. Nisa Investment Advisors L.L.C. now owns 45,100 shares of the company’s stock valued at $550,000 after buying an additional 35,100 shares during the last quarter. Virginia Retirement System purchased a new stake in shares of Old National Bancorp during the first quarter valued at about $1,156,000. BlackRock Inc. increased its stake in shares of Old National Bancorp by 153.6% in the first quarter. BlackRock Inc. now owns 8,720 shares of the company’s stock valued at $106,000 after buying an additional 5,282 shares during the last quarter. BlackRock Group LTD increased its stake in shares of Old National Bancorp by 6.7% in the first quarter. BlackRock Group LTD now owns 161,224 shares of the company’s stock valued at $1,965,000 after buying an additional 10,117 shares during the last quarter. Finally, BlackRock Fund Advisors increased its stake in shares of Old National Bancorp by 1.0% in the first quarter. BlackRock Fund Advisors now owns 7,308,488 shares of the company’s stock valued at $89,090,000 after buying an additional 75,797 shares during the last quarter. 70.10% of the stock is owned by institutional investors and hedge funds.
About Old National Bancorp
Old National Bancorp is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory, and other traditional banking services. Through its non-bank affiliates, the Company provides full service insurance brokerage services and other financial services.
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