Old National Bancorp (NASDAQ:ONB) Receives $19.63 Consensus Target Price from Brokerages

Old National Bancorp (NASDAQ:ONB) has received an average rating of “Moderate Buy” from the eight analysts that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $19.63.

ONB has been the subject of several research reports. Barclays boosted their price objective on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, June 24th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 21st. Royal Bank of Canada lifted their target price on Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. Finally, Hovde Group initiated coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 price objective for the company.

Insider Buying and Selling at Old National Bancorp

In related news, CEO James A. Sandgren sold 25,000 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the transaction, the chief executive officer now directly owns 287,409 shares in the company, valued at approximately $5,730,935.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Old National Bancorp news, CEO James A. Sandgren sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total transaction of $498,500.00. Following the sale, the chief executive officer now owns 287,409 shares of the company’s stock, valued at approximately $5,730,935.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kendra L. Vanzo sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total transaction of $397,000.00. Following the transaction, the insider now owns 117,676 shares in the company, valued at approximately $2,335,868.60. The disclosure for this sale can be found here. 1.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of ONB. GAMMA Investing LLC raised its stake in shares of Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after buying an additional 1,005 shares during the last quarter. Rise Advisors LLC acquired a new position in Old National Bancorp in the first quarter valued at approximately $28,000. HHM Wealth Advisors LLC purchased a new stake in Old National Bancorp in the 2nd quarter worth approximately $28,000. LRI Investments LLC acquired a new stake in shares of Old National Bancorp during the 1st quarter worth approximately $48,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Old National Bancorp during the 2nd quarter valued at approximately $103,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $19.05 on Monday. The company has a 50-day simple moving average of $18.95 and a two-hundred day simple moving average of $17.47. Old National Bancorp has a 12-month low of $12.36 and a 12-month high of $20.43. The firm has a market cap of $6.08 billion, a price-to-earnings ratio of 10.36 and a beta of 0.83. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.96.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.02. The firm had revenue of $750.93 million for the quarter, compared to analysts’ expectations of $474.10 million. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. During the same quarter last year, the business earned $0.54 earnings per share. On average, equities analysts forecast that Old National Bancorp will post 1.85 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, September 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend was Thursday, September 5th. Old National Bancorp’s payout ratio is currently 30.27%.

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.