Raymond James Upgrades Old National Bancorp (NASDAQ:ONB) to Strong-Buy

Old National Bancorp (NASDAQ:ONB) was upgraded by equities research analysts at Raymond James from a “market perform” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, MarketBeat reports. The firm currently has a $28.00 price target on the bank’s stock. Raymond James’ price target would suggest a potential upside of 21.00% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Barclays raised 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. Two research 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $23.14 on Tuesday. The firm has a market cap of $7.38 billion, a price-to-earnings ratio of 14.04 and a beta of 0.82. Old National Bancorp has a 52-week low of $14.32 and a 52-week high of $23.76. The company’s 50-day simple moving average is $19.72 and its 200-day simple moving average is $18.56. 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 issued its earnings results 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 during 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 for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.51 EPS. As a group, equities research analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current year.

Hedge Funds Weigh In On Old National Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONB. Dimensional Fund Advisors LP grew its position in shares of Old National Bancorp by 12.7% in the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after purchasing an additional 1,896,748 shares during the last quarter. State Street Corp lifted its stake in Old National Bancorp by 0.3% in the 3rd quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock valued at $275,941,000 after buying an additional 42,723 shares in the last quarter. American Century Companies Inc. grew its holdings in Old National Bancorp by 3.2% during the 2nd quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock valued at $242,795,000 after buying an additional 441,887 shares during the last quarter. Geode Capital Management LLC increased its position in 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 buying an additional 514,315 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Old National Bancorp by 147.3% in the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after acquiring an additional 4,303,071 shares during the last quarter. 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.