Old National Bancorp (NASDAQ:ONB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Old National Bancorp (NASDAQ:ONB) have been assigned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $20.43.

Several research analysts recently commented on the company. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Barclays raised their target price on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Finally, Royal Bank of Canada lifted their price objective on Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC increased its holdings in shares of Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after acquiring an additional 1,325 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after buying an additional 1,005 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in shares of Old National Bancorp during the 2nd quarter worth $28,000. LRI Investments LLC acquired a new position in Old National Bancorp in the 1st quarter worth about $48,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Old National Bancorp in the 2nd quarter worth about $103,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $18.90 on Tuesday. The company has a market capitalization of $6.03 billion, a P/E ratio of 11.45 and a beta of 0.82. The business’s 50-day moving average price is $18.89 and its two-hundred day moving average price is $18.00. Old National Bancorp has a one year low of $13.67 and a one year high of $20.43. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.51 EPS. Analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.96%. The ex-dividend date was Thursday, September 5th. Old National Bancorp’s payout ratio is 33.94%.

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.