Brokerages Set Old National Bancorp (NASDAQ:ONB) Price Target at $18.71

Shares of Old National Bancorp (NASDAQ:ONB - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the seven brokerages that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $18.71.

ONB has been the topic of a number of recent analyst reports. Stephens lowered their price target on shares of Old National Bancorp from $22.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday, January 24th. StockNews.com downgraded shares of Old National Bancorp from a "hold" rating to a "sell" rating in a report on Wednesday, December 27th. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. UBS Group lowered their price target on shares of Old National Bancorp from $20.00 to $19.00 and set a "buy" rating on the stock in a report on Wednesday, January 24th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $18.00 price target on shares of Old National Bancorp in a report on Tuesday, April 9th.

Old National Bancorp Stock Performance

ONB traded up $0.41 during trading on Friday, hitting $16.19. 2,327,091 shares of the company traded hands, compared to its average volume of 2,185,452. The firm has a market cap of $4.75 billion, a P/E ratio of 8.25 and a beta of 0.83. The stock's fifty day moving average is $16.44 and its 200 day moving average is $15.83. 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 has a one year low of $11.66 and a one year high of $17.64.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.02). The company had revenue of $689.85 million for the quarter, compared to the consensus estimate of $448.87 million. Old National Bancorp had a net margin of 22.91% and a return on equity of 12.04%. During the same quarter in the previous year, the company posted $0.56 EPS. As a group, equities analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend was Monday, March 4th. Old National Bancorp's payout ratio is 28.87%.

Institutional Trading of Old National Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Old National Bancorp by 59.8% during the first quarter. Vanguard Group Inc. now owns 29,663,094 shares of the bank's stock valued at $485,881,000 after buying an additional 11,101,411 shares during the period. BlackRock Inc. lifted its position in Old National Bancorp by 37.6% during the first quarter. BlackRock Inc. now owns 33,378,748 shares of the bank's stock valued at $546,744,000 after buying an additional 9,124,230 shares during the period. State Street Corp lifted its position in Old National Bancorp by 54.9% during the first quarter. State Street Corp now owns 15,423,544 shares of the bank's stock valued at $252,638,000 after buying an additional 5,465,409 shares during the period. Wellington Management Group LLP purchased a new position in Old National Bancorp during the first quarter valued at $61,389,000. Finally, Norges Bank purchased a new position in Old National Bancorp during the fourth quarter valued at $55,808,000. Hedge funds and other institutional investors 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.