Old National Bancorp (NASDAQ:ONB) PT Raised to $24.00

Old National Bancorp (NASDAQ:ONB) had its target price upped by Barclays from $22.00 to $24.00 in a report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Barclays‘s price target suggests a potential upside of 28.76% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Hovde Group began coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, Royal Bank of Canada raised their price target on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and an average target price of $19.88.

Old National Bancorp Price Performance

NASDAQ:ONB traded up $0.10 during trading hours on Friday, reaching $18.64. 183,738 shares of the company’s stock were exchanged, compared to its average volume of 2,034,040. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $5.95 billion, a P/E ratio of 10.05 and a beta of 0.83. Old National Bancorp has a 12 month low of $12.36 and a 12 month high of $20.43. The business’s 50-day simple moving average is $18.96 and its two-hundred day simple moving average is $17.57.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. The business had revenue of $750.93 million during the quarter, compared to analyst estimates of $474.10 million. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. During the same quarter last year, the company posted $0.54 EPS. Sell-side analysts expect that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Old National Bancorp news, insider Kendra L. Vanzo sold 20,000 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total value of $397,000.00. Following the sale, the insider now owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Old National Bancorp news, CEO James A. Sandgren sold 25,000 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the completion of the transaction, the chief executive officer now directly owns 287,409 shares in the company, valued at $5,730,935.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kendra L. Vanzo sold 20,000 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total transaction of $397,000.00. Following the completion of the sale, the insider now owns 117,676 shares in the company, valued at approximately $2,335,868.60. The disclosure for this sale can be found here. Corporate insiders own 1.07% of the company’s stock.

Institutional Trading of Old National Bancorp

Several hedge funds have recently modified their holdings of ONB. GAMMA Investing LLC grew its stake in shares of Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,005 shares during the last quarter. Rise Advisors LLC acquired a new stake in shares of Old National Bancorp in the 1st quarter valued at $28,000. HHM Wealth Advisors LLC bought a new stake in shares of Old National Bancorp during the second quarter worth $28,000. LRI Investments LLC bought a new position in Old National Bancorp in the first quarter valued at about $48,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Old National Bancorp in the second quarter worth about $103,000. Institutional investors and hedge funds 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.