Old National Bancorp (NASDAQ:ONB) Given Average Recommendation of “Moderate Buy” by Analysts

Old National Bancorp (NASDAQ:ONB) has been assigned an average recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $19.63.

A number of research analysts recently weighed in on the stock. Barclays raised their target price 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 downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, August 21st. Royal Bank of Canada upped their target price on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 24th. Finally, Hovde Group assumed coverage on 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.

Old National Bancorp Stock Down 2.2 %

Shares of ONB stock opened at $19.04 on Monday. The stock has a market cap of $6.07 billion, a P/E ratio of 10.29 and a beta of 0.83. The company’s fifty day simple moving average is $19.02 and its two-hundred day simple moving average is $17.53. 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 has a 52 week low of $12.36 and a 52 week high of $20.43.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. The company had revenue of $750.93 million during the quarter, compared to analyst estimates of $474.10 million. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. During the same period in the prior year, the company earned $0.54 earnings per share. Analysts predict that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.94%. The ex-dividend date was Thursday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Insider Transactions at Old National Bancorp

In related news, insider Kendra L. Vanzo sold 20,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $19.85, for a total value of $397,000.00. Following the transaction, the insider now owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Kendra L. Vanzo sold 20,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total value of $397,000.00. Following the transaction, the insider now owns 117,676 shares of the company’s stock, valued at $2,335,868.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of Old National Bancorp stock in a transaction 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 of the company’s stock, valued at $5,730,935.46. 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

A number of hedge funds have recently bought and sold shares of ONB. Leuthold Group LLC bought a new position in shares of Old National Bancorp in the 1st quarter worth $3,142,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Old National Bancorp by 188.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock valued at $885,000 after buying an additional 33,615 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Old National Bancorp by 330.1% during the fourth quarter. Hsbc Holdings PLC now owns 93,149 shares of the bank’s stock valued at $1,581,000 after buying an additional 71,489 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Old National Bancorp by 35.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank’s stock valued at $1,969,000 after buying an additional 29,400 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its position in shares of Old National Bancorp by 27.9% during the first quarter. First Eagle Investment Management LLC now owns 446,698 shares of the bank’s stock valued at $7,777,000 after buying an additional 97,350 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.