Brokerages Set Old National Bancorp (NASDAQ:ONB) Target Price at $19.13

Old National Bancorp (NASDAQ:ONB) has been assigned a consensus rating of “Moderate Buy” from the eight brokerages that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $19.13.

A number of brokerages have issued reports on ONB. Barclays upped their target price on Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Hovde Group started coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 target price on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 price target on shares of Old National Bancorp in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. Finally, StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Sunday.

Insider Activity at Old National Bancorp

In other news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the sale, the chief financial officer now owns 88,712 shares in the company, valued at approximately $1,444,231.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the transaction, the chief executive officer now owns 50,001 shares in the company, valued at $795,015.90. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the sale, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at approximately $1,444,231.36. The disclosure for this sale can be found here. 1.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Old National Bancorp

Large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Old National Bancorp by 6.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock valued at $241,176,000 after buying an additional 841,195 shares in the last quarter. American Century Companies Inc. lifted its position in Old National Bancorp by 2.9% in the 3rd quarter. American Century Companies Inc. now owns 11,063,412 shares of the bank’s stock valued at $160,862,000 after acquiring an additional 308,892 shares in the last quarter. Channing Capital Management LLC boosted its stake in Old National Bancorp by 33.9% during the 4th quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock valued at $84,203,000 after purchasing an additional 1,263,060 shares during the last quarter. Verition Fund Management LLC increased its holdings in Old National Bancorp by 48.9% during the 4th quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock worth $63,787,000 after purchasing an additional 1,240,952 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC lifted its holdings in shares of Old National Bancorp by 0.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 3,305,752 shares of the bank’s stock valued at $57,553,000 after purchasing an additional 25,519 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $16.98 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $5.42 billion, a PE ratio of 9.18 and a beta of 0.84. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $17.82. The stock’s 50-day simple moving average is $16.81 and its 200 day simple moving average is $16.62.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The business had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. During the same period in the prior year, the company earned $0.54 EPS. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. On average, analysts anticipate that Old National Bancorp will post 1.82 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio is 30.27%.

Old National Bancorp Company Profile

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.