Raymond James Financial Upgrades Old National Bancorp (NASDAQ:ONB) to “Outperform”

Old National Bancorp (NASDAQ:ONB) was upgraded by analysts at Raymond James Financial from a “market perform” rating to an “outperform” rating in a research report issued on Tuesday, MarketBeat Ratings reports. The firm presently has a $29.00 price target on the bank’s stock. Raymond James Financial’s target price would suggest a potential upside of 18.76% from the stock’s current price.

Other analysts also recently issued reports about the company. TD Cowen cut their price objective on Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Monday. Wells Fargo & Company assumed coverage on shares of Old National Bancorp in a research report on Thursday, September 24th. They issued an “overweight” rating and a $30.00 target price on the stock. National Bank Financial set a $32.00 target price on shares of Old National Bancorp in a research report on Friday, September 11th. Jefferies Financial Group reaffirmed a “hold” rating and set a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Finally, Citigroup dropped their price target on shares of Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, September 22nd. Twelve investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $29.86.

Old National Bancorp Trading Down 1.9%

Shares of Old National Bancorp stock opened at $24.42 on Tuesday. The stock has a 50 day moving average of $25.82 and a 200 day moving average of $24.86. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $9.34 billion, a price-to-earnings ratio of 10.85 and a beta of 0.86. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The company had revenue of $726.86 million for the quarter, compared to the consensus estimate of $716.25 million. During the same quarter in the previous year, the business earned $0.53 earnings per share. The company’s revenue for the quarter was up 13.2% on a year-over-year basis. As a group, research analysts predict that Old National Bancorp will post 2.6 earnings per share for the current year.

Insider Buying and Selling at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 20,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the sale, the insider directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the transaction, the chief executive officer owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Old National Bancorp in the 2nd quarter valued at about $1,215,819,000. Dimensional Fund Advisors LP increased its stake in shares of Old National Bancorp by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock worth $395,193,000 after buying an additional 310,352 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of Old National Bancorp during the second quarter worth approximately $134,610,000. Goldman Sachs Group Inc. raised its holdings in Old National Bancorp by 65.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,956,160 shares of the bank’s stock valued at $110,572,000 after acquiring an additional 1,966,958 shares in the last quarter. Finally, Verition Fund Management LLC raised its holdings in Old National Bancorp by 51.8% in the fourth quarter. Verition Fund Management LLC now owns 4,791,967 shares of the bank’s stock valued at $106,909,000 after acquiring an additional 1,635,223 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

About Old National Bancorp

Old National Bancorp is a regional financial holding company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial services to individuals, families, businesses and institutions.

Old National Bank offers a range of products and services, including checking and savings accounts, consumer and commercial lending, mortgages, treasury management, wealth management, investment services and personal financial planning.