Barclays Boosts Old National Bancorp (NASDAQ:ONB) Price Target to $27.00

Old National Bancorp (NASDAQ:ONB) had its price objective raised by Barclays from $26.00 to $27.00 in a research note released on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

A number of other brokerages have also commented on ONB. Keefe, Bruyette & Woods raised their price target on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 26th. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research note on Tuesday, November 26th. Royal Bank of Canada boosted their price target on shares of Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler restated an “overweight” rating and issued a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.38.

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB opened at $21.50 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The company has a market cap of $6.86 billion, a price-to-earnings ratio of 13.03 and a beta of 0.86. Old National Bancorp has a 12 month low of $15.36 and a 12 month high of $23.76. The company has a 50-day moving average price of $21.21 and a 200-day moving average price of $19.25.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. The business had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. Old National Bancorp’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.51 EPS. As a group, equities analysts anticipate that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, December 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.60%. Old National Bancorp’s dividend payout ratio (DPR) is currently 33.94%.

Institutional Trading of Old National Bancorp

Hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC raised its position in shares of Old National Bancorp by 1,766.7% in the 3rd 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 stake in Old National Bancorp during the 2nd quarter valued at about $28,000. GAMMA Investing LLC raised its holdings in Old National Bancorp by 156.8% in the third quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock worth $73,000 after buying an additional 2,385 shares during the last quarter. Quest Partners LLC bought a new position in shares of Old National Bancorp in the third quarter worth approximately $91,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Old National Bancorp in the second quarter worth approximately $103,000. 83.66% of the stock is owned by institutional investors.

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.