Old National Bancorp (NASDAQ:ONB) PT Raised to $22.00 at Royal Bank of Canada

Old National Bancorp (NASDAQ:ONB) had its target price increased by Royal Bank of Canada from $19.00 to $22.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the bank’s stock.

Other analysts have also recently issued reports about the company. StockNews.com cut Old National Bancorp from a hold rating to a sell rating in a report on Wednesday. Hovde Group began coverage on shares of Old National Bancorp in a report on Monday, June 3rd. They set an outperform rating and a $20.00 target price on the stock. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $20.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Finally, Barclays lifted their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the stock an overweight rating in a report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Old National Bancorp presently has an average rating of Moderate Buy and a consensus target price of $19.63.

Old National Bancorp Trading Up 1.5 %

Shares of Old National Bancorp stock opened at $20.22 on Wednesday. The firm’s 50 day moving average is $17.32 and its 200 day moving average is $16.84. The firm has a market capitalization of $6.45 billion, a PE ratio of 10.93 and a beta of 0.84. Old National Bancorp has a 1 year low of $12.36 and a 1 year high of $20.38. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. Old National Bancorp had a net margin of 18.83% and a return on equity of 15.42%. The firm had revenue of $750.93 million for the quarter, compared to analysts’ expectations of $474.10 million. During the same quarter in the previous year, the firm posted $0.54 earnings per share. Equities research analysts forecast that Old National Bancorp will post 1.85 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio is presently 30.27%.

Insider Buying and Selling at Old National Bancorp

In other news, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the transaction, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at approximately $795,015.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.07% of the company’s stock.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of ONB. GAMMA Investing LLC raised its holdings in shares of Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,005 shares during the period. Rise Advisors LLC acquired a new position in Old National Bancorp during the 1st quarter worth approximately $28,000. LRI Investments LLC acquired a new position in Old National Bancorp during the 1st quarter worth approximately $48,000. Parkside Financial Bank & Trust boosted its holdings in Old National Bancorp by 24.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after acquiring an additional 650 shares in the last quarter. Finally, First Financial Corp IN grew its stake in Old National Bancorp by 176.8% in the second quarter. First Financial Corp IN now owns 6,086 shares of the bank’s stock valued at $105,000 after acquiring an additional 3,887 shares during the period. 83.66% of the stock is currently owned by institutional investors.

About Old National Bancorp

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.