Old National Bancorp (NASDAQ:ONB) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of Old National Bancorp (NASDAQ:ONB - Get Free Report) have been given a consensus rating of "Moderate Buy" by the nine ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $26.30.

ONB has been the subject of several research reports. Jefferies Financial Group started coverage on Old National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $24.00 target price for the company. Stephens reissued an "overweight" rating and set a $27.00 price objective on shares of Old National Bancorp in a report on Monday, April 14th. National Bankshares set a $24.00 target price on shares of Old National Bancorp in a research report on Tuesday, May 20th. Royal Bank Of Canada reduced their price target on Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Finally, Citigroup dropped their price objective on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd.

Hedge Funds Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently modified their holdings of ONB. Raymond James Financial Inc. bought a new position in Old National Bancorp in the fourth quarter valued at approximately $19,708,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Old National Bancorp by 8.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 74,238 shares of the bank's stock valued at $1,611,000 after acquiring an additional 6,091 shares in the last quarter. HighTower Advisors LLC lifted its position in Old National Bancorp by 17.4% in the 4th quarter. HighTower Advisors LLC now owns 16,659 shares of the bank's stock valued at $362,000 after acquiring an additional 2,472 shares in the last quarter. Swiss National Bank boosted its stake in Old National Bancorp by 0.6% in the 4th quarter. Swiss National Bank now owns 627,437 shares of the bank's stock worth $13,619,000 after purchasing an additional 3,600 shares during the period. Finally, First Eagle Investment Management LLC increased its holdings in Old National Bancorp by 1.4% during the 4th quarter. First Eagle Investment Management LLC now owns 566,998 shares of the bank's stock worth $12,307,000 after purchasing an additional 8,100 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

ONB traded up $0.34 during midday trading on Friday, hitting $22.77. The company had a trading volume of 3,098,003 shares, compared to its average volume of 3,223,225. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49. The company has a market capitalization of $7.28 billion, a PE ratio of 13.24 and a beta of 0.85. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.92 and a current ratio of 0.92. The firm's 50-day simple moving average is $21.49 and its 200-day simple moving average is $21.62.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $486.87 million during the quarter, compared to analyst estimates of $478.37 million. Equities research analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Thursday, June 5th were issued a $0.14 dividend. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.46%. Old National Bancorp's dividend payout ratio (DPR) is currently 32.56%.

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.