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

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

A number of research firms have recently commented on ONB. Keefe, Bruyette & Woods upped their price objective on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Truist Financial boosted their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Stephens upped their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Finally, Jefferies Financial Group lifted their price objective on Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Wednesday, April 22nd.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in ONB. Royal Bank of Canada grew its holdings in shares of Old National Bancorp by 2.0% during the first quarter. Royal Bank of Canada now owns 214,065 shares of the bank’s stock valued at $4,536,000 after buying an additional 4,153 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Old National Bancorp by 87.8% during the 1st quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank’s stock valued at $269,000 after purchasing an additional 5,936 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Old National Bancorp by 8.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank’s stock valued at $60,263,000 after purchasing an additional 215,203 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Old National Bancorp by 7.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank’s stock worth $19,349,000 after purchasing an additional 64,110 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Old National Bancorp by 6.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank’s stock worth $1,149,000 after purchasing an additional 3,091 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Price Performance

Shares of ONB opened at $26.00 on Friday. The business has a 50-day moving average of $24.35 and a 200-day moving average of $23.65. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market capitalization of $10.05 billion, a price-to-earnings ratio of 13.40 and a beta of 0.83. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $26.52.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. The business had revenue of $702.70 million for the quarter, compared to analysts’ expectations of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The firm’s revenue was up 44.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, equities research analysts anticipate that Old National Bancorp will post 2.58 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp’s payout ratio is presently 29.90%.

Old National Bancorp Company Profile

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.