Old National Bancorp (NASDAQ:ONB) Price Target Raised to $24.00 at Barclays

Old National Bancorp (NASDAQ:ONB) had its price objective hoisted by stock analysts at Barclays from $22.00 to $24.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Barclays‘s price target would indicate a potential upside of 30.01% from the company’s current price.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada lifted their price objective on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 24th. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, September 23rd. Finally, Hovde Group started coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They set an “outperform” rating and a $20.00 price objective on the stock. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.88.

Old National Bancorp Stock Down 0.4 %

Shares of NASDAQ ONB opened at $18.46 on Friday. The firm has a market capitalization of $5.89 billion, a PE ratio of 9.98 and a beta of 0.83. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.96. Old National Bancorp has a 1 year low of $12.36 and a 1 year high of $20.43. The firm’s 50-day moving average is $18.94 and its 200-day moving average is $17.59.

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, beating the consensus estimate of $0.44 by $0.02. The company had revenue of $750.93 million for the quarter, compared to analyst estimates 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 firm earned $0.54 EPS. Equities analysts expect that Old National Bancorp will post 1.85 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of Old National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. boosted its position in Old National Bancorp by 211.3% during the second quarter. Victory Capital Management Inc. now owns 2,922,022 shares of the bank’s stock worth $50,230,000 after purchasing an additional 1,983,476 shares during the period. Dimensional Fund Advisors LP raised its position in Old National Bancorp by 12.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock worth $289,481,000 after purchasing an additional 1,896,748 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Old National Bancorp by 6,650.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after buying an additional 1,256,892 shares during the period. Verition Fund Management LLC lifted its holdings in Old National Bancorp by 48.9% during the 4th quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock worth $63,787,000 after buying an additional 1,240,952 shares during the period. Finally, Equitable Trust Co. acquired a new position in Old National Bancorp during the 2nd quarter worth about $8,681,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.