Barclays Raises Old National Bancorp (NASDAQ:ONB) Price Target to $22.00

Old National Bancorp (NASDAQ:ONB) had its target price boosted by Barclays from $21.00 to $22.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

ONB has been the topic of several other reports. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $20.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 2nd. StockNews.com lowered Old National Bancorp from a hold rating to a sell rating in a research report on Friday, June 21st. Hovde Group began coverage on Old National Bancorp in a research report on Monday, June 3rd. They issued an outperform rating and a $20.00 price objective for the company. Finally, Royal Bank of Canada restated a sector perform rating and set a $18.00 target price on shares of Old National Bancorp in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $19.13.

Old National Bancorp Trading Up 0.5 %

ONB stock opened at $16.54 on Monday. Old National Bancorp has a 1-year low of $12.36 and a 1-year high of $17.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. The business’s 50 day moving average is $16.71 and its 200-day moving average is $16.61. The firm has a market cap of $5.28 billion, a P/E ratio of 8.94 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The firm had revenue of $440.20 million for the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. The business’s revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.54 earnings per share. Equities analysts anticipate that Old National Bancorp will post 1.82 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Wednesday, June 5th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $0.56 annualized dividend and a yield of 3.39%. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Insider Activity

In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total transaction of $272,923.50. Following the completion of the sale, the chief executive officer now owns 50,001 shares of the company’s stock, valued at approximately $795,015.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the transaction, the chief executive officer now owns 50,001 shares of the company’s stock, valued at $795,015.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $16.28, for a total value of $803,825.00. Following the transaction, the chief financial officer now owns 88,712 shares in the company, valued at approximately $1,444,231.36. The disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

Large investors have recently bought and sold shares of the company. Norges Bank acquired a new position in Old National Bancorp in the fourth quarter valued at about $55,808,000. Channing Capital Management LLC grew its position in shares of Old National Bancorp by 33.9% in the 4th quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock valued at $84,203,000 after purchasing an additional 1,263,060 shares during the period. Verition Fund Management LLC increased its stake in Old National Bancorp by 48.9% during the 4th quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock worth $63,787,000 after purchasing an additional 1,240,952 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Old National Bancorp by 6.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock worth $241,176,000 after buying an additional 841,195 shares during the period. Finally, Foundry Partners LLC lifted its stake in Old National Bancorp by 2,494.5% in the fourth quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock valued at $8,141,000 after buying an additional 463,449 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

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.