Old National Bancorp (NASDAQ:ONB) Price Target Raised to $26.00

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

ONB has been the topic of several other reports. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Piper Sandler reiterated an “overweight” rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday. Finally, Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Tuesday. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $23.14 on Tuesday. The stock has a fifty day simple moving average of $19.80 and a 200 day simple moving average of $18.59. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 14.02 and a beta of 0.82. Old National Bancorp has a 1-year low of $14.32 and a 1-year high of $23.76. 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 announced its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. During the same period last year, the company posted $0.51 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. Sell-side analysts forecast that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

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

Institutional Investors Weigh In On Old National Bancorp

Institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC increased its holdings in Old National Bancorp by 1,766.7% in the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after buying an additional 1,325 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Old National Bancorp by 194.8% during the 2nd 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. HHM Wealth Advisors LLC acquired a new position in shares of Old National Bancorp during the 2nd quarter worth $28,000. LRI Investments LLC acquired a new stake in shares of Old National Bancorp in the 1st quarter valued at $48,000. Finally, Quest Partners LLC bought a new stake in Old National Bancorp in the third quarter worth $91,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.