Old National Bancorp (NASDAQ:ONB) Upgraded at Raymond James

Raymond James upgraded shares of Old National Bancorp (NASDAQ:ONB) from a market perform rating to a strong-buy rating in a research note released on Tuesday, MarketBeat.com reports. The firm currently has $28.00 price objective on the bank’s stock.

Several other analysts have also recently weighed in on the company. Barclays lifted their price target on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp Price Performance

NASDAQ:ONB opened at $23.14 on Tuesday. The company has a market cap of $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82. The firm’s fifty day moving average price is $19.80 and its two-hundred day moving average price is $18.59. Old National Bancorp has a one year low of $14.32 and a one year high of $23.76. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The business had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same quarter in the prior year, the business earned $0.51 EPS. Old National Bancorp’s quarterly revenue was up 6.5% on a year-over-year basis. Equities analysts expect that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s payout ratio is currently 33.94%.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC lifted its holdings in shares of Old National Bancorp by 31.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 31,597 shares of the bank’s stock worth $590,000 after acquiring an additional 7,489 shares during the period. Neo Ivy Capital Management acquired a new position in Old National Bancorp during the third quarter valued at approximately $124,000. Geode Capital Management LLC lifted its stake in Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after purchasing an additional 514,315 shares during the last quarter. Barclays PLC boosted its holdings in shares of Old National Bancorp by 93.6% in the 3rd quarter. Barclays PLC now owns 839,504 shares of the bank’s stock valued at $15,665,000 after purchasing an additional 405,956 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Old National Bancorp by 175.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 8,848 shares of the bank’s stock valued at $165,000 after purchasing an additional 5,632 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.