Old National Bancorp (NASDAQ:ONB) Price Target Raised to $25.00

Old National Bancorp (NASDAQ:ONB) had its price target raised by Royal Bank of Canada from $24.00 to $25.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a sector perform rating on the bank’s stock.

A number of other equities analysts have also weighed in on ONB. Barclays upped their target price on shares of Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday. Piper Sandler reissued an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday. Keefe, Bruyette & Woods lifted their target price on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday. Raymond James upgraded 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. Finally, StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Price Performance

NASDAQ:ONB opened at $23.14 on Tuesday. The stock has a market cap of $7.38 billion, a PE ratio of 14.02 and a beta of 0.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The business’s 50-day simple moving average is $19.80 and its two-hundred day simple moving average is $18.59. Old National Bancorp has a 52 week low of $14.32 and a 52 week high of $23.76.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. During the same period in the previous year, the firm earned $0.51 EPS. The firm’s revenue was up 6.5% compared to the same quarter last year. As a group, analysts forecast that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

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

Hedge Funds Weigh In On Old National Bancorp

Several large investors have recently modified their holdings of ONB. GAMMA Investing LLC lifted its stake in 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 purchasing an additional 1,005 shares during the last quarter. International Assets Investment Management LLC grew its position in Old National Bancorp by 1,766.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,325 shares during the last quarter. HHM Wealth Advisors LLC bought 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 bought a new position in shares of Old National Bancorp in the third quarter worth about $91,000. Institutional investors own 83.66% of the company’s stock.

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.