Barclays Has Lowered Expectations for Old National Bancorp (NASDAQ:ONB) Stock Price

Old National Bancorp (NASDAQ:ONB) had its price target reduced by equities research analysts at Barclays from $27.00 to $25.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Barclays‘s price target would indicate a potential upside of 40.24% from the stock’s current price.

Several other equities research analysts have also commented on the company. Stephens restated an “overweight” rating and issued a $27.00 price objective on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Raymond James dropped their target price on Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, April 2nd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $26.00 price target (up previously from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $25.71.

Old National Bancorp Stock Performance

Old National Bancorp stock traded down $0.31 during trading hours on Tuesday, hitting $17.83. 2,430,590 shares of the stock traded hands, compared to its average volume of 2,360,455. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. Old National Bancorp has a 1 year low of $15.38 and a 1 year high of $24.49. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 10.55 and a beta of 0.82. The firm’s 50 day moving average price is $22.34 and its 200-day moving average price is $21.44.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, topping 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 quarter last year, the firm posted $0.46 earnings per share. As a group, equities analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Lee Danner & Bass Inc. acquired a new stake in Old National Bancorp in the 4th quarter valued at about $25,000. Empowered Funds LLC acquired a new stake in shares of Old National Bancorp in the fourth quarter valued at approximately $28,000. Versant Capital Management Inc boosted its stake in Old National Bancorp by 58.4% during the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after buying an additional 615 shares during the last quarter. UMB Bank n.a. grew its holdings in Old National Bancorp by 58.9% in the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after buying an additional 663 shares in the last quarter. Finally, Bank of Jackson Hole Trust acquired a new stake in shares of Old National Bancorp in the 4th quarter worth $65,000. 83.66% of the stock is 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.