Old National Bancorp (NASDAQ:ONB) Price Target Increased to $22.00 by Analysts at Royal Bank of Canada

Old National Bancorp (NASDAQ:ONB) had its target price raised by Royal Bank of Canada from $19.00 to $22.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a sector perform rating on the bank’s stock.

ONB has been the topic of several other research reports. Hovde Group initiated coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They issued an outperform rating and a $20.00 price target on the stock. StockNews.com cut shares of Old National Bancorp from a hold rating to a sell rating in a research report on Wednesday. Barclays lifted their price objective on shares of Old National Bancorp from $21.00 to $22.00 and gave the stock an overweight rating in a research report on Monday, June 24th. Finally, Keefe, Bruyette & Woods reiterated an outperform rating and set a $20.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $19.63.

Old National Bancorp Trading Up 1.5 %

Old National Bancorp stock opened at $20.22 on Wednesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.92 and a current ratio of 0.94. The firm has a market cap of $6.45 billion, a price-to-earnings ratio of 10.93 and a beta of 0.84. Old National Bancorp has a 1 year low of $12.36 and a 1 year high of $20.38. The firm’s 50 day moving average price is $17.32 and its two-hundred day moving average price is $16.84.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.02. The firm had revenue of $750.93 million for the quarter, compared to analyst estimates of $474.10 million. Old National Bancorp had a net margin of 18.83% and a return on equity of 15.42%. During the same quarter in the previous year, the business posted $0.54 earnings per share. On average, research analysts predict that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.77%. The ex-dividend date was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Insider Activity

In other news, CEO Chady M. Alahmar sold 17,165 shares of the business’s 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 transaction, the chief executive officer now directly owns 50,001 shares in the company, valued at approximately $795,015.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Parkside Financial Bank & Trust increased its holdings in shares of Old National Bancorp by 24.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock valued at $55,000 after purchasing an additional 650 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in shares of Old National Bancorp by 1.0% in the first quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock valued at $1,656,000 after purchasing an additional 919 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,005 shares in the last quarter. Independence Bank of Kentucky increased its holdings in shares of Old National Bancorp by 9.2% in the first quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock valued at $208,000 after purchasing an additional 1,006 shares in the last quarter. Finally, Retirement Systems of Alabama increased its holdings in shares of Old National Bancorp by 0.3% in the first quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank’s stock valued at $6,398,000 after purchasing an additional 1,009 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Company Profile

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.