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

Old National Bancorp (NASDAQ:ONB) has received an average rating of “Buy” from the eight analysts that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $24.38.

A number of research firms have weighed in on ONB. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Raymond James upgraded shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a research note on Tuesday, November 26th. Finally, Barclays upped their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $21.92 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The company has a 50 day moving average price of $21.32 and a 200-day moving average price of $19.35. Old National Bancorp has a 52 week low of $15.36 and a 52 week high of $23.76. The firm has a market capitalization of $6.99 billion, a PE ratio of 13.28 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. The business had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.51 EPS. As a group, equities research analysts expect that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend was Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is 33.94%.

Hedge Funds Weigh In On Old National Bancorp

A number of hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC raised its stake in Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,325 shares during the period. HHM Wealth Advisors LLC purchased a new stake in Old National Bancorp during the 2nd quarter valued at approximately $28,000. GAMMA Investing LLC raised its position in shares of Old National Bancorp by 156.8% during the third quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock valued at $73,000 after buying an additional 2,385 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Old National Bancorp in the third quarter worth $91,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Old National Bancorp during the second quarter worth $103,000. 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.