Old National Bancorp (NASDAQ:ONB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Old National Bancorp (NASDAQ:ONB) have received a consensus rating of “Moderate Buy” from the eleven brokerages that are covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $27.9091.

Several brokerages have recently weighed in on ONB. Stephens upped their target price on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Jefferies Financial Group boosted their price objective on shares of Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. Citigroup upped their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Barclays raised their target price on Old National Bancorp from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Tuesday, April 7th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th.

Old National Bancorp Stock Performance

Old National Bancorp stock opened at $24.28 on Wednesday. The firm has a market capitalization of $9.38 billion, a PE ratio of 12.52 and a beta of 0.84. Old National Bancorp has a one year low of $19.39 and a one year high of $26.17. The stock’s 50 day moving average price is $23.58 and its 200 day moving average price is $23.26. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.93 and a current ratio of 0.94.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. Old National Bancorp’s revenue for the quarter was up 44.4% on a year-over-year basis. During the same quarter last year, the company earned $0.45 earnings per share. As a group, sell-side analysts expect that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.145 per share. The ex-dividend date is Friday, June 5th. This represents a $0.58 annualized dividend and a yield of 2.4%. Old National Bancorp’s payout ratio is currently 29.90%.

Hedge Funds Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in ONB. Vanguard Group Inc. boosted its stake in Old National Bancorp by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock valued at $808,047,000 after acquiring an additional 3,379,577 shares during the last quarter. Norges Bank bought a new stake in shares of Old National Bancorp in the 4th quarter worth about $72,661,000. Morgan Stanley raised its stake in shares of Old National Bancorp by 69.8% in the 4th quarter. Morgan Stanley now owns 6,776,716 shares of the bank’s stock valued at $151,189,000 after purchasing an additional 2,785,474 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Old National Bancorp by 104.6% in the 3rd quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank’s stock valued at $114,738,000 after purchasing an additional 2,672,319 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Old National Bancorp by 65.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,956,160 shares of the bank’s stock worth $110,572,000 after purchasing an additional 1,966,958 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.