Old National Bancorp (NASDAQ:ONB) PT Raised to $22.00

Old National Bancorp (NASDAQ:ONB) had its target price upped by Royal Bank of Canada from $19.00 to $22.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s price target suggests a potential upside of 9.13% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Old National Bancorp in a report on Tuesday, April 2nd. Hovde Group began coverage on Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 target price on the stock. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Barclays lifted their price target on Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and an average target price of $19.63.

Old National Bancorp Price Performance

Shares of ONB traded down $0.03 during mid-day trading on Wednesday, hitting $20.16. The company’s stock had a trading volume of 1,011,056 shares, compared to its average volume of 2,079,076. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. Old National Bancorp has a 1-year low of $12.36 and a 1-year high of $20.38. The firm has a market capitalization of $6.43 billion, a P/E ratio of 10.91 and a beta of 0.84. The firm has a 50-day simple moving average of $17.17 and a 200 day simple moving average of $16.77.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping the consensus estimate of $0.44 by $0.02. The company 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 20.99% and a return on equity of 11.31%. During the same period in the previous year, the firm earned $0.54 EPS. Analysts predict that Old National Bancorp will post 1.82 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake 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. Channing Capital Management LLC lifted its stake in shares of Old National Bancorp by 33.9% in the fourth quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock worth $84,203,000 after acquiring an additional 1,263,060 shares in the last quarter. Verition Fund Management LLC lifted its stake in shares of Old National Bancorp by 48.9% in the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock worth $63,787,000 after acquiring an additional 1,240,952 shares in the last quarter. Silvercrest Asset Management Group LLC grew its stake in Old National Bancorp by 0.8% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 3,305,752 shares of the bank’s stock valued at $57,553,000 after purchasing an additional 25,519 shares in the last quarter. Finally, Norges Bank acquired a new stake in Old National Bancorp during the 4th quarter valued at approximately $55,808,000. 83.66% of the stock is owned by institutional investors and hedge funds.

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.