Old National Bancorp (NASDAQ:ONB) Given Average Rating of “Buy” by Brokerages

Old National Bancorp (NASDAQ:ONB) has been given an average rating of “Buy” by the seven brokerages that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $26.29.

Several brokerages have issued reports on ONB. Stephens restated an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, January 22nd. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Raymond James restated a “strong-buy” rating and issued a $29.00 target price (up previously from $28.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods increased their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 26th. Finally, Barclays boosted their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, December 20th.

Old National Bancorp Stock Up 3.8 %

ONB opened at $20.96 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84. Old National Bancorp has a twelve month low of $15.38 and a twelve month high of $24.49. The company has a market cap of $6.69 billion, a PE ratio of 12.48 and a beta of 0.85. The company has a 50-day moving average price of $22.82 and a 200 day moving average price of $21.22.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 last year, the business earned $0.46 earnings per share. Sell-side analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.67%. Old National Bancorp’s payout ratio is currently 33.33%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Fisher Asset Management LLC lifted its holdings in Old National Bancorp by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after acquiring an additional 90,747 shares during the period. Citigroup Inc. grew its holdings in Old National Bancorp by 12.1% during the 3rd quarter. Citigroup Inc. now owns 485,023 shares of the bank’s stock valued at $9,051,000 after buying an additional 52,430 shares during the last quarter. LMR Partners LLP acquired a new stake in shares of Old National Bancorp during the third quarter valued at $452,000. JPMorgan Chase & Co. lifted its holdings in Old National Bancorp by 13.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank’s stock valued at $65,275,000 after purchasing an additional 416,647 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new position in shares of Old National Bancorp during the fourth quarter valued at approximately $209,000. 83.66% of the stock is owned by hedge funds and other 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.