Old National Bancorp (NASDAQ:ONB) Upgraded to “Outperform” at Raymond James Financial

Raymond James Financial upgraded shares of Old National Bancorp (NASDAQ:ONB) from a market perform rating to an outperform rating in a report released on Tuesday morning, Marketbeat.com reports. The brokerage currently has $29.00 price target on the bank’s stock.

Other equities analysts have also recently issued reports about the stock. Barclays lifted their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Citigroup decreased their target price on Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, September 22nd. JPMorgan Chase & Co. lowered their price target on Old National Bancorp from $32.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday, October 1st. National Bank Financial set a $32.00 price target on Old National Bancorp in a research report on Friday, September 11th. Finally, UBS Group initiated coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price objective for the company. Twelve research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.86.

Old National Bancorp Stock Performance

Shares of ONB opened at $24.90 on Tuesday. The company has a 50-day moving average of $25.86 and a two-hundred day moving average of $24.84. The stock has a market cap of $9.53 billion, a price-to-earnings ratio of 11.07 and a beta of 0.86. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94. Old National Bancorp has a one year low of $19.39 and a one year high of $27.36.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. The business had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The firm’s revenue was up 13.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.53 earnings per share. On average, equities research analysts expect that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th were paid a dividend of $0.1450 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. Old National Bancorp’s dividend payout ratio (DPR) is 25.78%.

Insider Buying and Selling at Old National Bancorp

In other news, CEO Chady Alahmar sold 11,771 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total value of $310,872.11. Following the transaction, the chief executive officer directly owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nicholas Chulos sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the completion of the transaction, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in ONB. Cim Investment Management Inc. acquired a new stake in shares of Old National Bancorp during the 2nd quarter valued at about $217,000. QRG Capital Management Inc. raised its position in Old National Bancorp by 36.7% during the second quarter. QRG Capital Management Inc. now owns 52,135 shares of the bank’s stock valued at $1,350,000 after acquiring an additional 13,985 shares in the last quarter. NorthRock Partners LLC acquired a new stake in Old National Bancorp in the second quarter valued at approximately $235,000. Integrated Wealth Concepts LLC acquired a new stake in Old National Bancorp in the second quarter valued at approximately $41,000. Finally, Squarepoint Ops LLC grew its position in Old National Bancorp by 22.3% in the second quarter. Squarepoint Ops LLC now owns 998,157 shares of the bank’s stock worth $25,852,000 after acquiring an additional 181,976 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Company Profile

Old National Bancorp is a regional financial holding company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial services to individuals, families, businesses and institutions.

Old National Bank offers a range of products and services, including checking and savings accounts, consumer and commercial lending, mortgages, treasury management, wealth management, investment services and personal financial planning.