Old National Bancorp (NASDAQ:ONB) Stock Gets Price Target Trim from TD Cowen

Old National Bancorp (NASDAQ:ONB) had its target price decreased by TD Cowen from $30.00 to $29.00 in a report released on Thursday,Benzinga reports. TD Cowen currently has a buy rating on the bank’s stock.

ONB has been the subject of several other research reports. Citigroup reduced their price target on shares of Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, September 22nd. Barclays increased their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Raymond James Financial upgraded shares of Old National Bancorp from a “market perform” rating to an “outperform” rating and set a $29.00 price objective on the stock in a research report on Tuesday, October 6th. Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a research note on Tuesday, September 1st. Finally, Wells Fargo & Company started coverage on shares of Old National Bancorp in a research report on Thursday, September 24th. They issued an “overweight” rating and a $30.00 target price for the company. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Old National Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $29.64.

Old National Bancorp Stock Up 0.6%

ONB stock opened at $25.32 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.94 and a debt-to-equity ratio of 0.95. The firm has a 50 day simple moving average of $25.35 and a 200-day simple moving average of $25.10. The company has a market capitalization of $9.69 billion, a P/E ratio of 10.33 and a beta of 0.86. Old National Bancorp has a twelve month low of $19.60 and a twelve month high of $27.36.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Wednesday, October 21st. The bank reported $0.66 EPS for the quarter, hitting analysts’ consensus estimates of $0.66. Old National Bancorp had a return on equity of 16.55% and a net margin of 23.36%. The business had revenue of $719.50 million during the quarter, compared to the consensus estimate of $732.04 million. During the same period last year, the firm earned $0.59 earnings per share. On average, equities research analysts predict that Old National Bancorp will post 2.58 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Saturday, September 5th were given a $0.1450 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, September 4th. Old National Bancorp’s dividend payout ratio is 23.67%.

Insiders Place Their Bets

In other Old National Bancorp news, insider Nicholas J. Chulos sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the sale, the insider owned 53,544 shares in the company, valued at $1,427,483.04. This represents a 27.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chady M. Alahmar sold 11,771 shares of the stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the sale, the chief executive officer owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Old National Bancorp during the 2nd quarter valued at about $1,215,819,000. Dimensional Fund Advisors LP lifted its holdings in Old National Bancorp by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock worth $395,193,000 after purchasing an additional 310,352 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Old National Bancorp in the 2nd quarter worth approximately $134,610,000. Bank of America Corp DE acquired a new stake in Old National Bancorp in the 2nd quarter worth approximately $100,301,000. Finally, William Blair Investment Management LLC bought a new stake in Old National Bancorp during the second quarter worth approximately $99,283,000. 83.66% of the stock is owned by institutional investors and hedge funds.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is a regional financial services company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial solutions to individuals, families, businesses and institutions.

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.