Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Old National Bancorp (NASDAQ:ONB) Stock

Old National Bancorp (NASDAQ:ONB) had its price target lifted by equities research analysts at Keefe, Bruyette & Woods from $23.00 to $28.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 21.00% from the company’s current price.

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

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $23.14 on Tuesday. The firm has a 50-day simple moving average of $19.72 and a 200-day simple moving average of $18.56. Old National Bancorp has a one year low of $14.32 and a one year high of $23.76. The firm has a market cap of $7.38 billion, a P/E ratio of 14.04 and a beta of 0.82. 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 (NASDAQ:ONB) last issued 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 company had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. Old National Bancorp’s revenue was up 6.5% compared to the same quarter last year. During the same period last year, the company posted $0.51 earnings per share. Equities analysts anticipate that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of ONB. International Assets Investment Management LLC grew its position in Old National Bancorp by 1,766.7% during 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. GAMMA Investing LLC raised 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 buying an additional 1,005 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Old National Bancorp during the second quarter worth $28,000. LRI Investments LLC purchased a new stake in shares of Old National Bancorp during the first quarter valued at $48,000. Finally, Quest Partners LLC acquired a new position in shares of Old National Bancorp in the 3rd quarter valued at $91,000. 83.66% of the stock is owned by hedge funds and other 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.