Old National Bancorp (NASDAQ:ONB) Price Target Raised to $21.00

Old National Bancorp (NASDAQ:ONB) had its price target increased by Barclays from $20.00 to $21.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

A number of other research analysts have also weighed in on ONB. Stephens reduced their price target on Old National Bancorp from $22.00 to $21.00 and set an overweight rating on the stock in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods restated an outperform rating and set a $20.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 2nd. StockNews.com downgraded Old National Bancorp from a hold rating to a sell rating in a report on Wednesday, December 27th. Royal Bank of Canada reiterated a sector perform rating and issued a $18.00 price target on shares of Old National Bancorp in a report on Tuesday, April 9th. Finally, UBS Group lowered their target price on Old National Bancorp from $20.00 to $19.00 and set a buy rating for the company in a research note on Wednesday, January 24th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $18.86.

Old National Bancorp Trading Down 0.5 %

Shares of Old National Bancorp stock opened at $16.57 on Wednesday. Old National Bancorp has a fifty-two week low of $11.66 and a fifty-two week high of $17.64. The firm has a market cap of $4.86 billion, a PE ratio of 8.96 and a beta of 0.83. The business’s fifty day moving average is $16.47 and its two-hundred day moving average is $15.93. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The company had revenue of $440.20 million for the quarter, compared to analyst estimates of $440.00 million. During the same quarter in the prior year, the company posted $0.54 EPS. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. Analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th were issued a $0.14 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.56 dividend on an annualized basis and a yield of 3.38%. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Hedge Funds Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rise Advisors LLC acquired a new position in shares of Old National Bancorp during the first quarter worth approximately $28,000. Parkside Financial Bank & Trust boosted its position in shares of Old National Bancorp by 57.2% during the third quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock worth $38,000 after buying an additional 949 shares during the period. Ronald Blue Trust Inc. raised its holdings in Old National Bancorp by 55.6% during the third quarter. Ronald Blue Trust Inc. now owns 2,898 shares of the bank’s stock worth $40,000 after purchasing an additional 1,036 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in Old National Bancorp by 14.5% during the fourth quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after purchasing an additional 1,020 shares in the last quarter. Finally, Lynch & Associates IN raised its holdings in Old National Bancorp by 18.9% during the third quarter. Lynch & Associates IN now owns 12,167 shares of the bank’s stock worth $177,000 after purchasing an additional 1,932 shares in the last quarter. 83.66% of the stock is currently 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.