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

Old National Bancorp (NASDAQ:ONB) has been given an average recommendation of “Buy” by the seven ratings firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $26.29.

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $26.00 price target (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Piper Sandler restated an “overweight” rating and issued a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Stephens restated an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, January 22nd. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods raised their target price on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Old National Bancorp by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank’s stock valued at $736,261,000 after acquiring an additional 290,005 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Old National Bancorp by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 17,106,289 shares of the bank’s stock worth $371,294,000 after purchasing an additional 132,002 shares during the last quarter. State Street Corp increased its holdings in shares of Old National Bancorp by 0.3% in the third quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock worth $275,941,000 after purchasing an additional 42,723 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Old National Bancorp by 923.4% in the fourth quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock worth $189,374,000 after purchasing an additional 7,872,318 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Old National Bancorp by 6.6% in the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after purchasing an additional 514,315 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Stock Performance

Shares of ONB opened at $21.59 on Monday. The business’s fifty day simple moving average is $22.93 and its two-hundred day simple moving average is $21.21. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. Old National Bancorp has a 12 month low of $15.38 and a 12 month high of $24.49. The company has a market cap of $6.89 billion, a price-to-earnings ratio of 12.85 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB) last released its quarterly 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 return on equity of 10.13% and a net margin of 18.24%. During the same period in the prior year, the company posted $0.46 EPS. Research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.59%. Old National Bancorp’s dividend payout ratio is presently 33.33%.

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.