Old National Bancorp (NASDAQ:ONB) Receives $19.00 Average Price Target from Analysts

Shares of Old National Bancorp (NASDAQ:ONB) have earned a consensus rating of “Moderate Buy” from the eight brokerages that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $19.00.

A number of brokerages recently issued reports on ONB. Hovde Group began coverage on Old National Bancorp in a research note on Monday, June 3rd. They set an “outperform” rating and a $20.00 price target for the company. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $20.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 9th. Barclays lifted their target price on Old National Bancorp from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, April 24th. Finally, StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock opened at $15.78 on Friday. Old National Bancorp has a one year low of $12.36 and a one year high of $17.82. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of 8.50 and a beta of 0.83. The stock has a 50 day moving average price of $16.68 and a 200-day moving average price of $16.55.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. The firm had revenue of $440.20 million during the quarter, compared to analyst estimates of $440.00 million. During the same period last year, the company earned $0.54 EPS. Old National Bancorp’s quarterly revenue was down 3.8% compared to the same quarter last year. Equities analysts expect that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Wednesday, June 5th. Old National Bancorp’s payout ratio is 30.27%.

Insider Transactions at Old National Bancorp

In other news, CEO Chady M. Alahmar sold 17,165 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the transaction, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at approximately $795,015.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Chady M. Alahmar sold 17,165 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following the transaction, the chief executive officer now directly owns 50,001 shares in the company, valued at approximately $795,015.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Brendon B. Falconer sold 49,375 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total value of $803,825.00. Following the transaction, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The disclosure for this sale can be found here. Corporate insiders own 1.07% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC purchased a new stake in Old National Bancorp during the 1st quarter valued at about $28,000. Parkside Financial Bank & Trust grew its stake in Old National Bancorp by 57.2% during the 3rd quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock valued at $38,000 after purchasing an additional 949 shares during the last quarter. LRI Investments LLC purchased a new stake in Old National Bancorp during the 1st quarter valued at about $48,000. Quadrant Capital Group LLC grew its stake in Old National Bancorp by 14.5% during the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock valued at $136,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC purchased a new stake in Old National Bancorp during the 4th quarter valued at about $181,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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.