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

Shares of Old National Bancorp (NASDAQ:ONB) have been given an average rating of “Moderate Buy” by the eight brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $19.88.

A number of research firms have issued reports on ONB. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Barclays increased their price target on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Finally, Royal Bank of Canada increased their price objective on Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th.

Old National Bancorp Stock Down 0.4 %

Shares of ONB opened at $18.22 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a 50 day moving average price of $18.63 and a 200 day moving average price of $17.68. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 9.85 and a beta of 0.83. Old National Bancorp has a one year low of $12.36 and a one year high of $20.43.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.44 by $0.02. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. The business had revenue of $750.93 million for the quarter, compared to analyst estimates of $474.10 million. During the same quarter in the prior year, the company posted $0.54 EPS. Equities research analysts forecast that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were paid a $0.14 dividend. The ex-dividend date was Thursday, September 5th. This represents a $0.56 annualized dividend and a dividend yield of 3.07%. Old National Bancorp’s dividend payout ratio (DPR) is currently 30.27%.

Insider Activity

In other news, insider Kendra L. Vanzo sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total value of $397,000.00. Following the completion of the sale, the insider now directly owns 117,676 shares of the company’s stock, valued at $2,335,868.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Kendra L. Vanzo sold 20,000 shares of Old National Bancorp stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the completion of the transaction, the insider now directly owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO James A. Sandgren sold 25,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total value of $498,500.00. Following the transaction, the chief executive officer now directly owns 287,409 shares of the company’s stock, valued at $5,730,935.46. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.

Hedge Funds Weigh In On Old National Bancorp

Hedge funds have recently bought and sold shares of the stock. CWM LLC grew its position in shares of Old National Bancorp by 0.7% in the third quarter. CWM LLC now owns 87,365 shares of the bank’s stock valued at $1,630,000 after purchasing an additional 591 shares during the period. Forum Financial Management LP lifted its stake in shares of Old National Bancorp by 3.9% during the second quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock worth $346,000 after purchasing an additional 748 shares in the last quarter. Ameritas Investment Partners Inc. lifted its stake in shares of Old National Bancorp by 1.0% during the first quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock worth $1,656,000 after purchasing an additional 919 shares in the last quarter. GAMMA Investing LLC lifted its stake 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 worth $26,000 after purchasing an additional 1,005 shares in the last quarter. Finally, Independence Bank of Kentucky lifted its stake in shares of Old National Bancorp by 9.2% during the first quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock worth $208,000 after purchasing an additional 1,006 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.