Old National Bancorp (NASDAQ:ONB) Price Target Raised to $26.00

Old National Bancorp (NASDAQ:ONB) had its target price upped by Barclays from $24.00 to $26.00 in a research report released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

A number of other equities analysts also recently commented on ONB. Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a report on Tuesday. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Finally, Piper Sandler restated an “overweight” rating and set a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday. Two research 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Price Performance

ONB opened at $23.14 on Tuesday. 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 1-year low of $14.32 and a 1-year high of $23.76. The company has a 50-day moving average of $19.80 and a 200-day moving average of $18.59. The company has a market capitalization of $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The firm had revenue of $485.86 million for the quarter, compared to analysts’ expectations 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 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 earnings per share. Equities analysts expect that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend 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 (DPR) is presently 33.94%.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its stake in Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after purchasing an additional 4,303,071 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Old National Bancorp by 12.7% during the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after buying an additional 1,896,748 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in Old National Bancorp by 6,650.2% during the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after acquiring an additional 1,256,892 shares during the period. New York State Common Retirement Fund raised its position in Old National Bancorp by 469.7% in the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock worth $19,400,000 after acquiring an additional 857,158 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Old National Bancorp by 6.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after acquiring an additional 514,315 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

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.