Old National Bancorp’s (ONB) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Old National Bancorp (NASDAQ:ONB) in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a $27.00 price objective on the bank’s stock, up from their prior price objective of $23.00.

ONB has been the topic of several other reports. 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 research report on Tuesday. Barclays boosted their price objective on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Finally, StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $23.14 on Tuesday. The company’s 50 day moving average is $19.63 and its 200-day moving average is $18.52. The firm has a market cap of $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82. Old National Bancorp has a 12-month low of $14.32 and a 12-month high of $23.76. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83.

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

Old National Bancorp Dividend Announcement

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

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC raised 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 valued at $590,000 after buying an additional 7,489 shares in the last quarter. Neo Ivy Capital Management bought a new position in Old National Bancorp during the third quarter valued at approximately $124,000. Geode Capital Management LLC raised its stake in shares of 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 acquiring an additional 514,315 shares in the last quarter. Barclays PLC lifted 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 worth $15,665,000 after acquiring an additional 405,956 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted 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 in the last quarter. Institutional investors own 83.66% of the company’s stock.

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.