Old National Bancorp’s (ONB) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Old National Bancorp (NASDAQ:ONB) in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a $26.00 price objective on the bank’s stock, up from their prior price objective of $24.00.

Several other research analysts also recently weighed in on ONB. Stephens restated an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a report on Wednesday. Raymond James restated a “strong-buy” rating and issued a $29.00 target price (up previously from $28.00) on shares of Old National Bancorp in a report on Wednesday. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Barclays boosted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Finally, Keefe, Bruyette & Woods raised their target price on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.29.

Old National Bancorp Price Performance

ONB stock opened at $23.07 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.93 and a quick ratio of 0.92. The company’s 50-day moving average is $22.19 and its 200-day moving average is $20.19. The stock has a market capitalization of $7.36 billion, a PE ratio of 13.73 and a beta of 0.87. Old National Bancorp has a 1 year low of $15.36 and a 1 year high of $24.17.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 14.32% and a net margin of 18.24%. During the same period in the previous year, the firm earned $0.46 earnings per share. Equities research analysts expect that Old National Bancorp will post 2.03 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Thursday, December 5th. Old National Bancorp’s payout ratio is 33.33%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ONB. Victory Capital Management Inc. raised its stake in shares of Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after purchasing an additional 4,303,071 shares during the period. Point72 Asset Management L.P. boosted its stake in Old National Bancorp by 6,650.2% in the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock valued at $21,931,000 after acquiring an additional 1,256,892 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of Old National Bancorp by 469.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock valued at $19,400,000 after acquiring an additional 857,158 shares during the period. Geode Capital Management LLC increased its stake in shares of Old National Bancorp by 6.6% during the 3rd 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. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Old National Bancorp in the 3rd quarter worth approximately $8,093,000. 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.