Old National Bancorp (NASDAQ:ONB) Price Target Increased to $21.00 by Analysts at Barclays

Old National Bancorp (NASDAQ:ONB) had its target price increased by Barclays from $20.00 to $21.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

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

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $16.59 on Wednesday. The stock has a market cap of $4.87 billion, a P/E ratio of 8.97 and a beta of 0.83. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.95. The stock’s 50-day moving average is $16.46 and its 200-day moving average is $15.90. Old National Bancorp has a 1-year low of $11.66 and a 1-year high of $17.64.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The business had revenue of $440.20 million for the quarter, compared to analysts’ expectations of $440.00 million. During the same period in the prior year, the business posted $0.54 earnings per share. The firm’s revenue was down 3.8% on a year-over-year basis. Equities research analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 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 3.38%. The ex-dividend date of this dividend was Monday, March 4th. Old National Bancorp’s payout ratio is 30.27%.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors have recently modified their holdings of ONB. Great Lakes Advisors LLC raised its position in Old National Bancorp by 1,897.8% in the 3rd quarter. Great Lakes Advisors LLC now owns 286,384 shares of the bank’s stock valued at $4,164,000 after buying an additional 272,049 shares during the last quarter. Foundry Partners LLC raised its position in Old National Bancorp by 2,494.5% in the 4th quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock valued at $8,141,000 after buying an additional 463,449 shares during the last quarter. Pacer Advisors Inc. raised its position in Old National Bancorp by 79.1% in the 4th quarter. Pacer Advisors Inc. now owns 43,993 shares of the bank’s stock valued at $743,000 after buying an additional 19,430 shares during the last quarter. Victory Capital Management Inc. raised its position in Old National Bancorp by 66.7% in the 3rd quarter. Victory Capital Management Inc. now owns 1,017,019 shares of the bank’s stock valued at $14,787,000 after buying an additional 406,970 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in Old National Bancorp by 290.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 66,436 shares of the bank’s stock valued at $1,122,000 after buying an additional 49,437 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

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.