Raymond James Issues Pessimistic Forecast for Old National Bancorp (NASDAQ:ONB) Stock Price

Old National Bancorp (NASDAQ:ONB) had its target price dropped by stock analysts at Raymond James from $29.00 to $27.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the bank’s stock. Raymond James’ price objective would suggest a potential upside of 28.03% from the company’s previous close.

ONB has been the subject of a number of other research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $26.00 price target (up previously from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Barclays upped their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Finally, Stephens reissued an “overweight” rating and issued a $27.00 price objective on shares of Old National Bancorp in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Old National Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $26.00.

Old National Bancorp Stock Performance

ONB stock traded up $0.07 during trading on Wednesday, reaching $21.09. The stock had a trading volume of 441,013 shares, compared to its average volume of 2,379,307. The stock’s 50 day moving average is $22.67 and its two-hundred day moving average is $21.44. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The firm has a market cap of $6.73 billion, a PE ratio of 12.55 and a beta of 0.85. Old National Bancorp has a 52 week low of $15.38 and a 52 week high of $24.49.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same quarter in the previous year, the firm posted $0.46 EPS. As a group, equities analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Hedge Funds Weigh In On Old National Bancorp

Several institutional investors have recently bought and sold shares of ONB. Cerity Partners LLC boosted its holdings in shares of Old National Bancorp by 51.9% during the 3rd quarter. Cerity Partners LLC now owns 65,952 shares of the bank’s stock valued at $1,231,000 after purchasing an additional 22,533 shares during the last quarter. FMR LLC lifted its position in shares of Old National Bancorp by 11.0% in the third quarter. FMR LLC now owns 654,071 shares of the bank’s stock worth $12,205,000 after buying an additional 64,735 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Old National Bancorp by 96.8% during the third quarter. BNP Paribas Financial Markets now owns 171,324 shares of the bank’s stock valued at $3,197,000 after buying an additional 84,273 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Old National Bancorp by 3.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,147 shares of the bank’s stock valued at $1,272,000 after buying an additional 2,359 shares in the last quarter. Finally, Captrust Financial Advisors increased its stake in Old National Bancorp by 315.5% in the 3rd quarter. Captrust Financial Advisors now owns 98,834 shares of the bank’s stock worth $1,844,000 after acquiring an additional 75,046 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.