Old National Bancorp (NASDAQ:ONB) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Old National Bancorp has a “Moderate Buy” consensus rating from 11 analysts, with eight Buy ratings and three Hold ratings. The average 12-month price target is about $27.91.
• The bank reported Q1 EPS of $0.61, narrowly beating estimates, while revenue came in slightly below expectations at $702.7 million. Revenue still rose 44.4% year over year.
• The company declared a quarterly dividend of $0.145 per share, equal to an annualized yield of about 2.4%. The dividend will be paid on May 16 to shareholders of record on May 5.

Old National Bancorp (NASDAQ:ONB - Get Free Report) has been assigned an average rating of "Moderate Buy" from the eleven ratings firms that are covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $27.9091.

A number of analysts have recently issued reports on the company. Royal Bank Of Canada lifted their price target on Old National Bancorp from $25.00 to $26.00 and gave the company a "sector perform" rating in a research report on Thursday, January 22nd. Citigroup lifted their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a "buy" rating in a research report on Tuesday, February 24th. Truist Financial boosted their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Jefferies Financial Group boosted their target price on Old National Bancorp from $23.00 to $25.00 and gave the stock a "hold" rating in a research report on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods boosted their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a research report on Thursday, April 23rd.

Old National Bancorp Stock Performance

Shares of ONB opened at $24.30 on Friday. The company has a market cap of $9.39 billion, a PE ratio of 12.53 and a beta of 0.85. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. The stock has a 50-day moving average price of $22.86 and a 200-day moving average price of $22.73. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $26.17.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. The firm had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The company's revenue for the quarter was up 44.4% on a year-over-year basis. During the same quarter last year, the company posted $0.45 EPS. As a group, equities analysts forecast that Old National Bancorp will post 2.58 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, May 16th. Investors of record on Tuesday, May 5th will be given a $0.145 dividend. The ex-dividend date is Tuesday, May 5th. This represents a $0.58 dividend on an annualized basis and a yield of 2.4%. Old National Bancorp's payout ratio is presently 29.90%.

Institutional Trading of Old National Bancorp

A number of hedge funds have recently bought and sold shares of ONB. MAI Capital Management lifted its position in Old National Bancorp by 156.8% in the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank's stock worth $25,000 after buying an additional 704 shares during the last quarter. Covestor Ltd lifted its position in Old National Bancorp by 157.0% in the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank's stock worth $27,000 after buying an additional 755 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in Old National Bancorp in the 4th quarter worth approximately $27,000. Rothschild Investment LLC lifted its position in Old National Bancorp by 72.3% in the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank's stock worth $28,000 after buying an additional 535 shares during the last quarter. Finally, Flagship Harbor Advisors LLC bought a new stake in Old National Bancorp in the 4th quarter worth approximately $28,000. Institutional investors own 83.66% of the company's stock.

Old National Bancorp Company Profile

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

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