Barclays Issues Positive Forecast for Old National Bancorp (NASDAQ:ONB) Stock Price

Old National Bancorp (NASDAQ:ONB) had its price target hoisted by Barclays from $24.00 to $26.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other equities analysts also recently weighed in on the company. Raymond James raised 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 report on Tuesday. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. 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. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Old National Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $23.44.

Old National Bancorp Trading Up 0.9 %

Shares of ONB opened at $23.14 on Tuesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market cap of $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82. The company has a 50 day simple moving average of $19.63 and a two-hundred day simple moving average of $18.52. Old National Bancorp has a 1 year low of $14.32 and a 1 year high of $23.76.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. The business 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 company’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.51 EPS. On average, equities analysts expect that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

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

Hedge Funds Weigh In On Old National Bancorp

Large investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC grew its position in shares of Old National Bancorp by 31.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 31,597 shares of the bank’s stock worth $590,000 after buying an additional 7,489 shares during the last quarter. Neo Ivy Capital Management acquired a new position in shares of Old National Bancorp during the third quarter worth $124,000. Geode Capital Management LLC lifted its holdings in shares of Old National Bancorp by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after purchasing an additional 514,315 shares during the last quarter. Barclays PLC boosted its position 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 purchasing an additional 405,956 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in Old National Bancorp by 175.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 8,848 shares of the bank’s stock worth $165,000 after buying an additional 5,632 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

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.