Old National Bancorp (NASDAQ:ONB) Receives Average Rating of "Moderate Buy" from Brokerages

Old National Bancorp (NASDAQ:ONB - Get Free Report) has been given a consensus rating of "Moderate Buy" by the nine research firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $26.30.

A number of analysts recently weighed in on ONB shares. Royal Bank Of Canada decreased their target price on shares of Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Raymond James Financial decreased their price target on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating on the stock in a report on Wednesday, April 2nd. Jefferies Financial Group assumed coverage on shares of Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price target on the stock. Barclays increased their price target on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Truist Financial increased their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Friday.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Lee Danner & Bass Inc. purchased a new position in Old National Bancorp in the fourth quarter worth about $25,000. Summit Securities Group LLC bought a new stake in shares of Old National Bancorp in the first quarter worth approximately $32,000. USA Financial Formulas bought a new stake in shares of Old National Bancorp in the first quarter worth approximately $50,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Old National Bancorp in the first quarter worth approximately $51,000. Finally, Fifth Third Bancorp grew its stake in shares of Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after acquiring an additional 695 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $23.16 on Friday. The company's 50 day moving average is $21.42 and its 200-day moving average is $21.60. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.82. The firm has a market cap of $7.41 billion, a P/E ratio of 13.47 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.03. Old National Bancorp had a net margin of 18.74% and a return on equity of 9.98%. The company had revenue of $486.87 million for the quarter, compared to analyst estimates of $478.37 million. Sell-side analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, June 5th were given a dividend of $0.14 per share. The ex-dividend date was Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.42%. Old National Bancorp's dividend payout ratio (DPR) is currently 32.56%.

Old National Bancorp Company Profile

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.

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