Old National Bancorp (NASDAQ:ONB) Receives $27.91 Average PT from Brokerages

Shares of Old National Bancorp (NASDAQ:ONB) have been assigned an average recommendation of “Moderate Buy” from the eleven analysts that are currently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $27.9091.

ONB has been the topic of several recent analyst reports. Stephens raised their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Jefferies Financial Group upped their target price on shares of Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Wednesday, April 22nd. Barclays raised their target price on shares of Old National Bancorp from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. Finally, Truist Financial lifted their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $26.00 on Friday. The stock’s fifty day moving average is $24.38 and its two-hundred day moving average is $23.67. The company has a market capitalization of $10.05 billion, a PE ratio of 13.40 and a beta of 0.83. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $26.52.

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

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were paid a $0.145 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.58 annualized dividend and a yield of 2.2%. Old National Bancorp’s dividend payout ratio is 29.90%.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in shares of Old National Bancorp during the 4th quarter worth $72,661,000. Morgan Stanley raised its holdings in shares of Old National Bancorp by 69.8% in the fourth quarter. Morgan Stanley now owns 6,776,716 shares of the bank’s stock valued at $151,189,000 after acquiring an additional 2,785,474 shares in the last quarter. First Trust Advisors LP lifted its stake in Old National Bancorp by 104.6% in the third quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank’s stock worth $114,738,000 after acquiring an additional 2,672,319 shares during the period. Goldman Sachs Group Inc. lifted its stake in Old National Bancorp by 65.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,956,160 shares of the bank’s stock worth $110,572,000 after acquiring an additional 1,966,958 shares during the period. Finally, Balyasny Asset Management L.P. grew its holdings in Old National Bancorp by 2,942.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,743,757 shares of the bank’s stock worth $38,903,000 after acquiring an additional 1,686,442 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Company Profile

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.