Old National Bancorp (NASDAQ:ONB) Receives Consensus Rating of “Moderate Buy” from Analysts

Old National Bancorp (NASDAQ:ONB) has been given a consensus rating of “Moderate Buy” by the eight research firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $19.63.

Several research firms have recently issued reports on ONB. Barclays upped their price objective on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, June 24th. StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 21st. Hovde Group assumed coverage on shares of Old National Bancorp in a report on Monday, June 3rd. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, Royal Bank of Canada increased their price target on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th.

Old National Bancorp Stock Performance

ONB stock opened at $19.04 on Monday. Old National Bancorp has a one year low of $12.36 and a one year high of $20.43. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of 10.29 and a beta of 0.83. The firm has a 50-day simple moving average of $19.02 and a two-hundred day simple moving average of $17.53.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.02. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. The firm had revenue of $750.93 million for the quarter, compared to the consensus estimate of $474.10 million. During the same quarter in the prior year, the company posted $0.54 earnings per share. On average, equities analysts forecast that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were issued a $0.14 dividend. The ex-dividend date was Thursday, September 5th. This represents a $0.56 annualized dividend and a yield of 2.94%. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Insider Transactions at Old National Bancorp

In other news, insider Kendra L. Vanzo sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total transaction of $397,000.00. Following the sale, the insider now owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Kendra L. Vanzo sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total transaction of $397,000.00. Following the sale, the insider now owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the sale, the chief executive officer now directly owns 287,409 shares in the company, valued at approximately $5,730,935.46. The disclosure for this sale can be found here. Corporate insiders own 1.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in shares of Old National Bancorp by 12.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after buying an additional 1,896,748 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Old National Bancorp by 3.2% during the 2nd quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock valued at $242,795,000 after buying an additional 441,887 shares in the last quarter. Verition Fund Management LLC lifted its position in shares of 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 valued at $63,787,000 after buying an additional 1,240,952 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Old National Bancorp by 6.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,544,124 shares of the bank’s stock valued at $60,923,000 after buying an additional 203,088 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC lifted its position in shares of 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 buying an additional 25,519 shares in the last quarter. Hedge funds and other institutional investors 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.