Barclays Boosts Old National Bancorp (NASDAQ:ONB) Price Target to $21.00

Old National Bancorp (NASDAQ:ONB) had its target price boosted by Barclays from $20.00 to $21.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Several other equities research analysts also recently commented on the company. Stephens cut their price objective on Old National Bancorp from $22.00 to $21.00 and set an overweight rating for the company in a report on Wednesday, January 24th. Royal Bank of Canada reissued a sector perform rating and issued a $18.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 9th. Keefe, Bruyette & Woods reissued an outperform rating and issued a $20.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 2nd. UBS Group cut their price objective on Old National Bancorp from $20.00 to $19.00 and set a buy rating for the company in a report on Wednesday, January 24th. Finally, StockNews.com cut Old National Bancorp from a hold rating to a sell rating in a research note on Wednesday, December 27th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $18.86.

Old National Bancorp Trading Down 0.5 %

NASDAQ:ONB opened at $16.57 on Wednesday. Old National Bancorp has a twelve month low of $11.66 and a twelve month high of $17.64. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95. The business has a 50 day moving average price of $16.47 and a two-hundred day moving average price of $15.94. The company has a market cap of $4.86 billion, a P/E ratio of 8.96 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. The company had revenue of $440.20 million during the quarter, compared to the consensus estimate of $440.00 million. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The firm’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 EPS. As a group, analysts expect that Old National Bancorp will post 1.83 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend was Monday, March 4th. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Institutional Investors Weigh In On Old National Bancorp

A number of large investors have recently added to or reduced their stakes in the business. Great Lakes Advisors LLC increased its position in Old National Bancorp by 1,897.8% during the 3rd quarter. Great Lakes Advisors LLC now owns 286,384 shares of the bank’s stock worth $4,164,000 after buying an additional 272,049 shares during the period. Foundry Partners LLC increased its position in Old National Bancorp by 2,494.5% during the 4th quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock worth $8,141,000 after buying an additional 463,449 shares during the period. Federated Hermes Inc. increased its position in Old National Bancorp by 18.7% during the 4th quarter. Federated Hermes Inc. now owns 341,484 shares of the bank’s stock worth $5,768,000 after buying an additional 53,792 shares during the period. Pacer Advisors Inc. increased its position in Old National Bancorp by 79.1% during the 4th quarter. Pacer Advisors Inc. now owns 43,993 shares of the bank’s stock worth $743,000 after buying an additional 19,430 shares during the period. Finally, Victory Capital Management Inc. increased its position in Old National Bancorp by 66.7% during the 3rd quarter. Victory Capital Management Inc. now owns 1,017,019 shares of the bank’s stock worth $14,787,000 after buying an additional 406,970 shares during the period. 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.