Old National Bancorp (NASDAQ:ONB) Given Average Rating of “Moderate Buy” by Analysts

Shares of Old National Bancorp (NASDAQ:ONB) have received a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $18.71.

Several analysts recently issued reports on ONB shares. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, December 27th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $20.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 9th. Stephens cut their target price on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. Finally, UBS Group cut their target price on shares of Old National Bancorp from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Wednesday, January 24th.

Institutional Trading of Old National Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Louisiana State Employees Retirement System boosted its position in shares of Old National Bancorp by 2.4% during the first quarter. Louisiana State Employees Retirement System now owns 84,200 shares of the bank’s stock worth $1,466,000 after acquiring an additional 2,000 shares during the last quarter. Legacy Trust bought a new position in shares of Old National Bancorp during the first quarter worth $526,000. Wesbanco Bank Inc. bought a new position in shares of Old National Bancorp during the first quarter worth $914,000. Carret Asset Management LLC bought a new position in shares of Old National Bancorp during the first quarter worth $609,000. Finally, Verum Partners LLC bought a new position in shares of Old National Bancorp during the first quarter worth $290,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $16.47 on Friday. The company has a 50 day moving average price of $16.46 and a 200-day moving average price of $15.90. Old National Bancorp has a 52 week low of $11.66 and a 52 week high of $17.64. The firm has a market capitalization of $4.83 billion, a PE ratio of 8.49 and a beta of 0.83. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). Old National Bancorp had a return on equity of 12.04% and a net margin of 22.91%. The company had revenue of $689.85 million during the quarter, compared to the consensus estimate of $448.87 million. During the same quarter in the prior year, the firm earned $0.56 earnings per share. As a group, equities research analysts expect that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were paid a $0.14 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.40%. Old National Bancorp’s dividend payout ratio (DPR) is presently 28.87%.

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.