Old National Bancorp (NASDAQ:ONB) Given Average Rating of "Buy" by Analysts

Old National Bancorp (NASDAQ:ONB - Get Free Report) has earned a consensus rating of "Buy" from the seven research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $26.29.

A number of analysts have recently weighed in on ONB shares. Barclays upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the company an "overweight" rating in a research report on Friday, December 20th. Keefe, Bruyette & Woods increased their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 26th. Raymond James reissued a "strong-buy" rating and issued a $29.00 target price (up from $28.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Stephens reaffirmed an "overweight" rating and set a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, January 22nd. Finally, Piper Sandler reissued an "overweight" rating and issued a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th.

Hedge Funds Weigh In On Old National Bancorp

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Old National Bancorp by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank's stock worth $736,261,000 after buying an additional 290,005 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Old National Bancorp by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 17,106,289 shares of the bank's stock worth $371,294,000 after purchasing an additional 132,002 shares in the last quarter. State Street Corp grew its position in Old National Bancorp by 0.3% in the 3rd quarter. State Street Corp now owns 14,787,843 shares of the bank's stock valued at $275,941,000 after purchasing an additional 42,723 shares during the period. Wellington Management Group LLP raised its holdings in Old National Bancorp by 923.4% during the fourth quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank's stock worth $189,374,000 after buying an additional 7,872,318 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Old National Bancorp by 6.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank's stock worth $155,502,000 after acquiring an additional 514,315 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

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Old National Bancorp Stock Performance

Shares of ONB stock traded down $0.42 on Monday, hitting $20.20. The company's stock had a trading volume of 2,303,544 shares, compared to its average volume of 3,076,085. Old National Bancorp has a fifty-two week low of $15.38 and a fifty-two week high of $24.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93. The stock's 50 day moving average is $22.85 and its 200-day moving average is $21.22. The company has a market capitalization of $6.44 billion, a PE ratio of 12.02 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same period in the prior year, the business earned $0.46 earnings per share. Equities research analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Wednesday, March 5th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.77%. Old National Bancorp's payout ratio is presently 33.33%.

Old National Bancorp Company Profile

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.