Piper Sandler Raises Former National Bancorp (NASDAQ:ONB) Price Target to $21.00

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Former National Bank (NASDAQ: ONBGet a rating) had its price target raised by Piper Sandler to $21.00 in a report released Wednesday morning, Target Stock Advisor reports. The brokerage currently has an outperform rating on the bank’s shares.

ONB has been the subject of several other research reports. TheStreet cut shares of Old National Bancorp from an ab to a c+ rating in a Friday May 27 report. StockNews.com upgraded shares of Old National Bancorp from a sell rating to a hold rating in a report on Wednesday, July 13. Finally, Stephens moved shares of Old National Bancorp from an equal weight rating to an overweight rating and set a price target of $19.00 for the company in a Friday, May 13 report. Two equity research analysts gave the stock a hold rating and three gave the company a buy rating. Based on data from MarketBeat, the company currently has a Moderate Buy consensus rating and an average price target of $20.75.

Former national Bancorp stock up 2.4%

Shares of ONB opened at $16.99 on Wednesday. The company’s 50-day simple moving average is $15.33 and its 200-day simple moving average is $16.55. The stock has a market capitalization of $4.98 billion, a PE ratio of 16.67 and a beta of 0.80. Old National Bancorp has a 1-year low of $14.22 and a 1-year high of $20.81. The company has a debt ratio of 0.77, a quick ratio of 0.83 and a current ratio of 0.83.

Former National Bank (NASDAQ: ONBGet a rating) last released its results on Tuesday, July 26. The bank reported earnings per share of $0.46 for the quarter, beating the consensus estimate of $0.39 by $0.07. Old National Bancorp had a net margin of 17.40% and a return on equity of 8.31%. During the same period of the previous year, the company achieved EPS of $0.41. Analysts expect Old National Bancorp to post earnings per share of 1.77 for the current fiscal year.

Old National Bancorp announces dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 15. Investors of record on Wednesday, June 1 received a dividend of $0.14 per share. This represents a dividend of $0.56 on an annualized basis and a yield of 3.30%. The ex-dividend date was Tuesday, May 31. The payout ratio of the former National Bancorp is 54.90%.

Insiders place their bets

In other news, CFO Brendon B. Falconer acquired 3,000 shares of the company in a transaction that took place on Monday, May 2. The shares were purchased at an average cost of $15.24 per share, for a total transaction of $45,720.00. Following the transaction, the CFO now directly owns 3,000 shares of the company, valued at approximately $45,720. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available via the SEC website. Separately, Chairman Michael L. Scudder purchased 8,170 shares of the company in a transaction dated Friday, April 29. The shares were acquired at an average price of $15.30 per share, for a total transaction of $125,001.00. Following the completion of the acquisition, the President now directly owns 302,009 shares of the company, valued at $4,620,737.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, Chief Financial Officer Brendon B. Falconer acquired 3,000 shares of the company in a transaction on Monday, May 2. The stock was purchased at an average price of $15.24 per share, for a total transaction of $45,720.00. As a result of the purchase, the CFO now owns 3,000 shares of the company, valued at approximately $45,720. Disclosure of this purchase can be found here. Insiders purchased a total of 18,170 shares of the company worth $277,891 over the past ninety days. Company insiders own 0.70% of the company’s shares.

Former National Bancorp Institutional Trading

Hedge funds have recently been buying and selling stocks. Fuller & Thaler Asset Management Inc. increased its equity stake in Old National Bancorp by 774.8% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 14,304,594 shares of the bank worth $234,309,000 after acquiring an additional 12,669,445 shares during the period. Vanguard Group Inc. increased its stake in shares of Old National Bancorp by 59.8% in the 1st quarter. Vanguard Group Inc. now owns 29,663,094 shares of the bank valued at $485,881,000 after purchasing an additional 11,101,411 shares in the last quarter. BlackRock Inc. increased its stake in Old National Bancorp by 37.6% during the 1st quarter. BlackRock Inc. now owns 33,378,748 shares of the bank worth $546,744,000 after acquiring an additional 9,124,230 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Old National Bancorp by 71.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,070,249 shares of the bank worth $295,996,000 after acquiring an additional 7,523,808 shares in the last quarter. Finally, State Street Corp increased its stake in Old National Bancorp by 54.9% in the 1st quarter. State Street Corp now owns 15,423,544 shares of the bank worth $252,638,000 after acquiring an additional 5,465,409 shares in the last quarter. 78.66% of the shares are held by institutional investors.

Former National Bancorp company profile

(Get a rating)

Old National Bancorp operates as a bank holding company for Old National Bank which provides various financial services to individuals and businesses in the United States. It accepts deposit accounts, including non-interest-bearing current accounts, interest-bearing checks, negotiable withdrawal orders, savings and money market accounts, and term deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit and leasing.

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