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

Shares of Old National Bancorp (NASDAQ:ONB) have earned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $27.4545.

A number of equities analysts have recently commented on ONB shares. Stephens boosted their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Thursday, January 22nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th. UBS Group reissued a “neutral” rating and issued a $26.00 price objective on shares of Old National Bancorp in a research report on Wednesday, February 4th. National Bank Financial set a $30.00 price objective on shares of Old National Bancorp in a research report on Thursday, January 22nd. Finally, TD Cowen upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating and boosted their target price for the stock from $27.00 to $30.00 in a research note on Thursday, January 22nd.

Old National Bancorp Trading Down 6.2%

NASDAQ ONB opened at $23.10 on Monday. The firm has a 50 day simple moving average of $23.89 and a 200-day simple moving average of $22.49. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.93 and a current ratio of 0.93. Old National Bancorp has a one year low of $16.83 and a one year high of $26.17. The firm has a market cap of $9.00 billion, a price-to-earnings ratio of 12.91 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. The company had revenue of $698.53 million for the quarter, compared to analyst estimates of $705.62 million. Old National Bancorp had a net margin of 17.91% and a return on equity of 10.75%. During the same period in the prior year, the business earned $0.49 EPS. Equities research analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be issued a $0.145 dividend. The ex-dividend date is Tuesday, May 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.5%. Old National Bancorp’s dividend payout ratio is presently 31.28%.

Insider Buying and Selling at Old National Bancorp

In related news, insider Nicholas J. Chulos sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total transaction of $751,500.00. Following the completion of the sale, the insider owned 20,438 shares in the company, valued at $511,971.90. The trade was a 59.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ONB. Carlson Capital L.P. raised its position in Old National Bancorp by 1.1% during the 4th quarter. Carlson Capital L.P. now owns 38,000 shares of the bank’s stock worth $848,000 after buying an additional 400 shares during the last quarter. Rothschild Investment LLC increased its stake in shares of Old National Bancorp by 72.3% during the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock worth $28,000 after acquiring an additional 535 shares during the period. Nisa Investment Advisors LLC raised its holdings in Old National Bancorp by 1.0% during the second quarter. Nisa Investment Advisors LLC now owns 57,711 shares of the bank’s stock worth $1,232,000 after purchasing an additional 556 shares in the last quarter. Glenmede Investment Management LP lifted its position in Old National Bancorp by 1.0% in the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock valued at $1,362,000 after purchasing an additional 625 shares during the period. Finally, Connable Office Inc. boosted its holdings in Old National Bancorp by 2.9% in the 3rd quarter. Connable Office Inc. now owns 22,191 shares of the bank’s stock valued at $487,000 after purchasing an additional 635 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

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.