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

Old National Bancorp (NASDAQ:ONB) had its target price boosted by analysts at Barclays from $22.00 to $24.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Barclays‘s price target indicates a potential upside of 30.01% from the stock’s previous close.

ONB has been the topic of several other reports. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, September 23rd. Royal Bank of Canada upped their price objective on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. 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 research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and an average target price of $19.88.

Old National Bancorp Price Performance

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

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.02. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. The firm had revenue of $750.93 million during the quarter, compared to analysts’ expectations of $474.10 million. During the same period in the prior year, the company posted $0.54 earnings per share. As a group, sell-side analysts anticipate that Old National Bancorp will post 1.85 EPS for the current year.

Insider Activity at Old National Bancorp

In other Old National Bancorp 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 completion of 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 this hyperlink. In other Old National Bancorp news, insider Kendra L. Vanzo sold 20,000 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total value of $397,000.00. Following the completion of the sale, the insider now directly owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of the stock in a transaction 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 completion of 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. 1.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Old National Bancorp

Hedge funds have recently made changes to their positions in the business. Forum Financial Management LP increased its position in Old National Bancorp by 3.9% in the 2nd quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock valued at $346,000 after acquiring an additional 748 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in Old National Bancorp by 1.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock valued at $1,656,000 after acquiring an additional 919 shares in the last quarter. GAMMA Investing LLC increased its position in Old National Bancorp by 194.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,005 shares in the last quarter. Independence Bank of Kentucky increased its position in Old National Bancorp by 9.2% in the 1st quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock valued at $208,000 after acquiring an additional 1,006 shares in the last quarter. Finally, Retirement Systems of Alabama increased its position in Old National Bancorp by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank’s stock valued at $6,398,000 after acquiring an additional 1,009 shares in the last quarter. Institutional investors and hedge funds 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.