Old National Bancorp (NASDAQ:ONB) Stock Has Consensus Price Target of $29.64

Shares of Old National Bancorp (NASDAQ:ONB) have been assigned an average recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $29.64.

Several research firms recently issued reports on ONB. TD Cowen cut their price target on shares of Old National Bancorp from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. JPMorgan Chase & Co. decreased their price target on Old National Bancorp from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Thursday, October 22nd. Barclays lifted their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Weiss Ratings raised Old National Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday. Finally, UBS Group began coverage on Old National Bancorp in a research note on Tuesday, July 7th. They set a “buy” rating and a $32.00 price objective on the stock.

Institutional Investors Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Old National Bancorp in the 3rd quarter worth about $248,000. Vise Technologies Inc. grew its position in shares of Old National Bancorp by 97.5% during the 3rd quarter. Vise Technologies Inc. now owns 53,101 shares of the bank’s stock valued at $1,308,000 after buying an additional 26,219 shares during the last quarter. Moody Aldrich Partners LLC grew its position in shares of Old National Bancorp by 4.2% during the 3rd quarter. Moody Aldrich Partners LLC now owns 344,037 shares of the bank’s stock valued at $8,477,000 after buying an additional 13,810 shares during the last quarter. WESPAC Advisors LLC bought a new stake in shares of Old National Bancorp during the 3rd quarter valued at about $340,000. Finally, Brucke Financial Inc. acquired a new stake in Old National Bancorp during the third quarter worth about $295,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

Shares of ONB opened at $25.09 on Friday. The business’s 50 day moving average is $25.22 and its two-hundred day moving average is $24.61. Old National Bancorp has a 52-week low of $19.60 and a 52-week high of $27.36. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 10.24 and a beta of 0.86. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, October 21st. The bank reported $0.66 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.66. Old National Bancorp had a net margin of 23.36% and a return on equity of 12.02%. The business had revenue of $720.39 million during the quarter, compared to the consensus estimate of $732.04 million. During the same quarter last year, the company earned $0.59 earnings per share. Analysts forecast that Old National Bancorp will post 2.57 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th were issued a $0.1450 dividend. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Friday, September 4th. Old National Bancorp’s payout ratio is 23.67%.

About Old National Bancorp

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

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.