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

Old National Bancorp (NASDAQ:ONB) has received an average rating of “Moderate Buy” from the eleven research firms that are currently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $27.9091.

A number of research analysts recently issued reports on ONB shares. Barclays increased their price objective on Old National Bancorp from $29.00 to $30.00 and gave the stock an “overweight” rating in a report on Tuesday, April 7th. Citigroup increased their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Truist Financial increased their price target on Old National Bancorp from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Finally, Stephens increased their price target on Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd.

Old National Bancorp Stock Up 2.1%

NASDAQ:ONB opened at $23.85 on Wednesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market cap of $9.21 billion, a PE ratio of 12.29 and a beta of 0.84. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $26.17. The stock has a 50-day simple moving average of $23.30 and a 200 day simple moving average of $23.11.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.Old National Bancorp’s quarterly revenue was up 44.4% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. On average, sell-side analysts expect that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, June 5th will be given a dividend of $0.145 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $0.58 annualized dividend and a yield of 2.4%. Old National Bancorp’s dividend payout ratio is 29.90%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Carlson Capital L.P. boosted its position in Old National Bancorp by 106.4% during the first quarter. Carlson Capital L.P. now owns 78,443 shares of the bank’s stock valued at $1,734,000 after purchasing an additional 40,443 shares during the last quarter. Alpine Woods Capital Investors LLC acquired a new position in Old National Bancorp during the first quarter valued at approximately $202,000. Glenmede Trust Co. NA boosted its position in Old National Bancorp by 114.6% during the first quarter. Glenmede Trust Co. NA now owns 86,319 shares of the bank’s stock valued at $1,908,000 after purchasing an additional 46,094 shares during the last quarter. CTC Alternative Strategies Ltd. acquired a new position in Old National Bancorp during the first quarter valued at approximately $230,000. Finally, Bank of America Corp DE boosted its position in Old National Bancorp by 2.5% during the first quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank’s stock valued at $93,462,000 after purchasing an additional 102,956 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.