Old National Bancorp (NASDAQ:ONB) Given New $22.00 Price Target at Barclays

Old National Bancorp (NASDAQ:ONB) had its target price hoisted by Barclays from $21.00 to $22.00 in a research note issued to investors on Monday, Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

Several other research firms also recently weighed in on ONB. Royal Bank of Canada restated a sector perform rating and set a $18.00 target price on shares of Old National Bancorp in a 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. StockNews.com downgraded shares of Old National Bancorp from a hold rating to a sell rating in a report on Friday. Finally, Hovde Group initiated coverage on shares of Old National Bancorp in a report on Monday, June 3rd. They set an outperform rating and a $20.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $19.13.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $16.80 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average price of $16.67 and a two-hundred day moving average price of $16.61. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $17.82. The company has a market capitalization of $5.36 billion, a P/E ratio of 9.08 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $440.20 million during the quarter, compared to the consensus estimate of $440.00 million. During the same period last year, the firm posted $0.54 EPS. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, research analysts expect that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were given a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 3.33%. Old National Bancorp’s dividend payout ratio is presently 30.27%.

Insider Buying and Selling

In related news, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the sale, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at $795,015.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, 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 sale, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following the completion of the sale, the chief executive officer now directly owns 50,001 shares in the company, valued at $795,015.90. The disclosure for this sale can be found here. Corporate insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds have recently modified their holdings of ONB. Deutsche Bank AG lifted its position in Old National Bancorp by 18.2% during the third quarter. Deutsche Bank AG now owns 148,602 shares of the bank’s stock valued at $2,161,000 after buying an additional 22,839 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Old National Bancorp by 5.9% during the third quarter. PNC Financial Services Group Inc. now owns 15,633 shares of the bank’s stock valued at $227,000 after buying an additional 876 shares in the last quarter. Hsbc Holdings PLC lifted its position in Old National Bancorp by 12.1% during the third quarter. Hsbc Holdings PLC now owns 21,660 shares of the bank’s stock valued at $315,000 after buying an additional 2,331 shares in the last quarter. Mariner LLC lifted its position in Old National Bancorp by 15.8% during the third quarter. Mariner LLC now owns 50,672 shares of the bank’s stock valued at $737,000 after buying an additional 6,914 shares in the last quarter. Finally, Natixis Advisors L.P. lifted its position in Old National Bancorp by 194.2% during the third quarter. Natixis Advisors L.P. now owns 216,112 shares of the bank’s stock valued at $3,143,000 after buying an additional 142,663 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

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.