Piper Jaffray Companies started coverage on shares of Old National Bancorp (NASDAQ:ONB) in a report issued on Friday. The brokerage set a “neutral” rating and a $19.00 price target on the bank’s stock. Piper Jaffray Companies’ price objective indicates a potential upside of 3.26% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. BidaskClub cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Keefe, Bruyette & Woods restated a “hold – neutral” rating on shares of Old National Bancorp in a research note on Monday, June 12th. Raymond James Financial, Inc. upgraded Old National Bancorp from a “market perform” rating to an “outperform” rating and set a $19.00 price target for the company in a research note on Tuesday, September 19th. UBS AG upgraded Old National Bancorp from a “market perform” rating to an “outperform” rating in a research note on Tuesday, September 19th. Finally, Boenning Scattergood assumed coverage on Old National Bancorp in a research note on Wednesday. They set an “outperform” rating and a $20.50 price target for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $18.83.

Old National Bancorp (NASDAQ:ONB) opened at 18.40 on Friday. The firm’s 50-day moving average is $16.93 and its 200-day moving average is $16.81. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 17.47 and a beta of 1.10. Old National Bancorp has a 52-week low of $13.69 and a 52-week high of $18.95.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02. Old National Bancorp had a return on equity of 8.25% and a net margin of 21.02%. The company had revenue of $153.60 million during the quarter, compared to analysts’ expectations of $153.57 million. During the same quarter in the previous year, the business earned $0.31 earnings per share. Analysts predict that Old National Bancorp will post $1.06 earnings per share for the current year.

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In related news, insider John R. Kamin sold 5,531 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $16.56, for a total transaction of $91,593.36. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.79% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System grew its holdings in Old National Bancorp by 0.3% during the second quarter. Arizona State Retirement System now owns 70,636 shares of the bank’s stock worth $1,218,000 after acquiring an additional 200 shares during the period. Creative Planning grew its holdings in Old National Bancorp by 1.0% during the second quarter. Creative Planning now owns 22,590 shares of the bank’s stock worth $390,000 after acquiring an additional 213 shares during the period. Phillips Financial Management LLC grew its holdings in Old National Bancorp by 1.0% during the second quarter. Phillips Financial Management LLC now owns 26,652 shares of the bank’s stock worth $446,000 after acquiring an additional 261 shares during the period. Amalgamated Bank grew its holdings in Old National Bancorp by 1.8% during the second quarter. Amalgamated Bank now owns 18,328 shares of the bank’s stock worth $316,000 after acquiring an additional 326 shares during the period. Finally, Columbia Asset Management grew its holdings in Old National Bancorp by 4.0% during the second quarter. Columbia Asset Management now owns 12,478 shares of the bank’s stock worth $215,000 after acquiring an additional 478 shares during the period. 72.62% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Company Profile

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. The Company focuses on community banking.

Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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