Stephens Reiterates “Overweight” Rating for Old National Bancorp (NASDAQ:ONB)

Stephens restated their overweight rating on shares of Old National Bancorp (NASDAQ:ONB) in a research report released on Monday,Benzinga reports. They currently have a $27.00 price target on the bank’s stock.

ONB has been the subject of several other reports. Raymond James decreased their price objective on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 2nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $26.00 price objective (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Barclays lowered their target price on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $25.71.

Old National Bancorp Stock Down 0.1 %

Shares of ONB opened at $19.46 on Monday. The stock’s 50-day moving average price is $21.44 and its two-hundred day moving average price is $21.40. Old National Bancorp has a 12 month low of $15.52 and a 12 month high of $24.49. The company has a market capitalization of $6.21 billion, a PE ratio of 11.58 and a beta of 0.82. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same period last year, the company earned $0.46 EPS. On average, analysts anticipate that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.88%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp’s payout ratio is currently 33.33%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its holdings in Old National Bancorp by 923.4% during the fourth quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock worth $189,374,000 after buying an additional 7,872,318 shares in the last quarter. Millennium Management LLC grew its stake in shares of Old National Bancorp by 10,795.2% in the 4th quarter. Millennium Management LLC now owns 4,795,942 shares of the bank’s stock worth $104,096,000 after acquiring an additional 4,751,923 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Old National Bancorp in the fourth quarter valued at about $78,293,000. Norges Bank purchased a new position in Old National Bancorp during the fourth quarter worth about $76,684,000. Finally, William Blair Investment Management LLC grew its position in Old National Bancorp by 172.1% in the 4th quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank’s stock worth $119,236,000 after purchasing an additional 3,474,578 shares in the last quarter. Institutional investors and hedge funds 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.