Old National Bancorp (NASDAQ:ONB) Receives Consensus Recommendation of "Buy" from Brokerages

Old National Bancorp (NASDAQ:ONB - Get Free Report) has been assigned a consensus rating of "Buy" from the nine ratings firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $25.90.

A number of equities analysts recently commented on the stock. Wall Street Zen upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research note on Wednesday, April 23rd. National Bankshares set a $24.00 price objective on Old National Bancorp in a report on Tuesday, May 20th. Stephens reaffirmed an "overweight" rating and set a $27.00 price objective on shares of Old National Bancorp in a report on Monday, April 14th. Jefferies Financial Group began coverage on Old National Bancorp in a report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price objective on the stock. Finally, Citigroup dropped their price objective on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd.

Old National Bancorp Stock Up 0.3%

Shares of ONB stock traded up $0.06 on Wednesday, reaching $20.52. 4,641,519 shares of the stock were exchanged, compared to its average volume of 2,711,575. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.82. The business's 50 day moving average price is $20.88 and its 200 day moving average price is $21.63. The company has a market capitalization of $6.56 billion, a price-to-earnings ratio of 11.93 and a beta of 0.86. Old National Bancorp has a twelve month low of $16.30 and a twelve month high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.03. The firm had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a net margin of 18.74% and a return on equity of 9.98%. As a group, sell-side analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Thursday, June 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date was Thursday, June 5th. Old National Bancorp's dividend payout ratio is presently 32.56%.

Institutional Investors Weigh In On Old National Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP lifted its stake in Old National Bancorp by 923.4% in the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank's stock valued at $189,374,000 after buying an additional 7,872,318 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Old National Bancorp by 10,795.2% during the 4th quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock worth $104,096,000 after buying an additional 4,751,923 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Old National Bancorp during the 4th quarter worth $78,293,000. Norges Bank purchased a new stake in Old National Bancorp during the 4th quarter worth $76,684,000. Finally, William Blair Investment Management LLC boosted 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 valued at $119,236,000 after buying an additional 3,474,578 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.