Royal Bank of Canada Reiterates Sector Perform Rating for Old National Bancorp (NASDAQ:ONB)

Royal Bank of Canada reaffirmed their sector perform rating on shares of Old National Bancorp (NASDAQ:ONB) in a report issued on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a $26.00 target price on the bank’s stock, up from their prior target price of $24.00.

Several other research analysts have also recently weighed in on the stock. Raymond James restated a “strong-buy” rating and issued a $29.00 price objective (up from $28.00) on shares of Old National Bancorp in a research report on Wednesday. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods lifted their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Barclays increased their target price on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Finally, Stephens reaffirmed an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Old National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $26.29.

Old National Bancorp Stock Performance

Shares of ONB opened at $23.07 on Wednesday. The stock’s 50-day simple moving average is $22.19 and its 200 day simple moving average is $20.19. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.93. Old National Bancorp has a 52-week low of $15.36 and a 52-week high of $24.17. The stock has a market capitalization of $7.36 billion, a price-to-earnings ratio of 13.73 and a beta of 0.87.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 14.32% and a net margin of 18.24%. During the same period in the prior year, the firm earned $0.46 EPS. Research analysts forecast that Old National Bancorp will post 2.03 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, December 5th. Old National Bancorp’s dividend payout ratio is presently 33.33%.

Institutional Trading of Old National Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of ONB. Victory Capital Management Inc. boosted its position in Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after buying an additional 4,303,071 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Old National Bancorp by 6,650.2% during the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock valued at $21,931,000 after acquiring an additional 1,256,892 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Old National Bancorp by 469.7% during the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock worth $19,400,000 after purchasing an additional 857,158 shares during the period. Geode Capital Management LLC grew its stake in shares of Old National Bancorp by 6.6% in the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after purchasing an additional 514,315 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Old National Bancorp during the 3rd quarter valued at about $8,093,000. 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.