Analysts Set Old National Bancorp (NASDAQ:ONB) Target Price at $25.36

Shares of Old National Bancorp (NASDAQ:ONB - Get Free Report) have been given a consensus recommendation of "Buy" by the ten analysts that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, six have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $25.36.

ONB has been the subject of a number of recent research reports. Barclays cut their target price on shares of Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Stephens reiterated an "overweight" rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Monday, April 14th. Truist Financial began coverage on Old National Bancorp in a research note on Tuesday, May 13th. They set a "buy" rating and a $26.00 price target on the stock. Citigroup cut their target price on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Finally, National Bankshares set a $24.00 price target on Old National Bancorp in a research note on Tuesday, May 20th.

Old National Bancorp Stock Performance

Old National Bancorp stock traded up $0.03 during midday trading on Friday, hitting $21.09. The stock had a trading volume of 1,875,910 shares, compared to its average volume of 2,660,191. The firm's fifty day moving average is $20.54 and its two-hundred day moving average is $21.80. The company has a market capitalization of $6.74 billion, a PE ratio of 12.55 and a beta of 0.85. Old National Bancorp has a 52-week low of $15.60 and a 52-week high of $24.49. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84.

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 for the quarter, topping the consensus estimate of $0.42 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. The business had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. On average, research analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Thursday, June 5th will be issued a $0.14 dividend. The ex-dividend date is Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.66%. Old National Bancorp's payout ratio is currently 32.56%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in shares of Old National Bancorp by 923.4% in the fourth 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 raised its holdings in shares of Old National Bancorp by 10,795.2% in the fourth quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock worth $104,096,000 after acquiring an additional 4,751,923 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in Old National Bancorp in the fourth quarter valued at $78,293,000. Norges Bank acquired a new position in Old National Bancorp in the fourth quarter valued at $76,684,000. Finally, William Blair Investment Management LLC increased its stake in Old National Bancorp by 172.1% in the fourth quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank's stock valued at $119,236,000 after purchasing an additional 3,474,578 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

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.