Old National Bancorp (NASDAQ:ONB) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts have assigned Old National Bancorp (NASDAQ:ONB) an average rating of "Moderate Buy", with twelve firms covering the stock; four analysts rated it as hold, seven as buy, and one as strong buy.
• The company's average twelve-month price target among brokers is $26.36, while Old National's shares recently opened at $20.65.
• Old National Bancorp declared a quarterly dividend of $0.14 per share, resulting in an annualized yield of 2.7% and a payout ratio of 33.14%.

Shares of Old National Bancorp (NASDAQ:ONB - Get Free Report) have earned an average rating of "Moderate Buy" from the twelve research firms that are covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $26.3636.

ONB has been the subject of several recent analyst reports. Cowen initiated coverage on Old National Bancorp in a research note on Wednesday, September 24th. They set a "hold" rating for the company. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Old National Bancorp in a research note on Wednesday, October 8th. Truist Financial increased their price target on Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Royal Bank Of Canada increased their price target on Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 23rd. Finally, TD Cowen began coverage on Old National Bancorp in a report on Thursday, September 25th. They issued a "hold" rating and a $25.00 price target on the stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in Old National Bancorp in the first quarter worth approximately $22,463,000. Fuller & Thaler Asset Management Inc. boosted its holdings in Old National Bancorp by 1.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank's stock worth $380,202,000 after acquiring an additional 216,188 shares in the last quarter. Invesco Ltd. boosted its holdings in Old National Bancorp by 161.3% in the first quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock worth $41,742,000 after acquiring an additional 1,216,004 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Old National Bancorp by 44.0% in the first quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock valued at $127,000 after purchasing an additional 1,837 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Old National Bancorp by 20.8% in the first quarter. Teacher Retirement System of Texas now owns 73,033 shares of the bank's stock valued at $1,548,000 after purchasing an additional 12,596 shares in the last quarter. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Trading Up 4.0%

NASDAQ ONB opened at $20.65 on Tuesday. The business has a 50 day simple moving average of $22.00 and a 200 day simple moving average of $21.39. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. The stock has a market capitalization of $8.09 billion, a P/E ratio of 12.22 and a beta of 0.85. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, February 1st. The bank reported $0.46 EPS for the quarter. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%.The business had revenue of $222.80 million during the quarter. Research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, September 5th were issued a $0.14 dividend. The ex-dividend date was Friday, September 5th. This represents a $0.56 annualized dividend and a yield of 2.7%. Old National Bancorp's dividend payout ratio is presently 33.14%.

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.

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