Old National Bancorp (NASDAQ:ONB) Price Target Raised to $25.00

Old National Bancorp (NASDAQ:ONB) had its target price increased by analysts at Royal Bank of Canada from $24.00 to $25.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s target price points to a potential upside of 8.04% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday. Barclays increased their price target on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Raymond James upgraded Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a report on Tuesday. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $23.14 on Tuesday. The company has a market capitalization of $7.38 billion, a PE ratio of 14.04 and a beta of 0.82. The company has a 50 day simple moving average of $19.72 and a two-hundred day simple moving average of $18.56. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $23.76.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ONB. GAMMA Investing LLC grew its holdings in shares of Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after purchasing an additional 1,005 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Old National Bancorp by 1,766.7% in the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after purchasing an additional 1,325 shares during the last quarter. HHM Wealth Advisors LLC bought a new position in shares of Old National Bancorp in the second quarter worth approximately $28,000. LRI Investments LLC bought a new position in shares of Old National Bancorp in the first quarter worth approximately $48,000. Finally, Quest Partners LLC bought a new position in shares of Old National Bancorp in the third quarter worth approximately $91,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.