Old National Bancorp (NASDAQ:ONB) Price Target Raised to $21.00 at Barclays

Old National Bancorp (NASDAQ:ONB) had its target price lifted by Barclays from $20.00 to $21.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other equities analysts have also recently issued reports on ONB. StockNews.com cut Old National Bancorp from a hold rating to a sell rating in a research note on Wednesday, December 27th. UBS Group reduced their target price on Old National Bancorp from $20.00 to $19.00 and set a buy rating on the stock in a research note on Wednesday, January 24th. Royal Bank of Canada reissued a sector perform rating and set a $18.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 9th. Stephens reduced their target price on Old National Bancorp from $22.00 to $21.00 and set an overweight rating on the stock in a research note on Wednesday, January 24th. Finally, Keefe, Bruyette & Woods reissued an outperform rating and set a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $18.86.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $16.59 on Wednesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a fifty-two week low of $11.66 and a fifty-two week high of $17.64. The stock has a 50 day moving average price of $16.46 and a two-hundred day moving average price of $15.90. The company has a market capitalization of $4.87 billion, a P/E ratio of 8.97 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The firm had revenue of $440.20 million during the quarter, compared to the consensus estimate of $440.00 million. During the same quarter in the previous year, the company posted $0.54 earnings per share. The business’s revenue was down 3.8% on a year-over-year basis. Analysts expect that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were paid a $0.14 dividend. The ex-dividend date was Monday, March 4th. This represents a $0.56 annualized dividend and a yield of 3.38%. Old National Bancorp’s payout ratio is 30.27%.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONB. Rise Advisors LLC purchased a new stake in Old National Bancorp in the first quarter worth $28,000. Parkside Financial Bank & Trust grew its stake in shares of Old National Bancorp by 57.2% in the third quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock worth $38,000 after acquiring an additional 949 shares during the last quarter. Ronald Blue Trust Inc. grew its stake in shares of Old National Bancorp by 55.6% in the third quarter. Ronald Blue Trust Inc. now owns 2,898 shares of the bank’s stock worth $40,000 after acquiring an additional 1,036 shares during the last quarter. Quadrant Capital Group LLC grew its stake in shares of Old National Bancorp by 14.5% in the fourth quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after acquiring an additional 1,020 shares during the last quarter. Finally, Lynch & Associates IN grew its stake in shares of Old National Bancorp by 18.9% in the third quarter. Lynch & Associates IN now owns 12,167 shares of the bank’s stock worth $177,000 after acquiring an additional 1,932 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.