Old National Bancorp (NASDAQ:ONB) Price Target Raised to $27.00

Old National Bancorp (NASDAQ:ONB) had its target price increased by equities research analysts at Barclays from $26.00 to $27.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Barclays‘s target price would suggest a potential upside of 28.21% from the company’s current price.

ONB has been the subject of several other research reports. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Royal Bank of Canada boosted their price target on shares of Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 26th. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Finally, Raymond James upgraded Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $21.06 on Friday. The company has a 50-day moving average price of $21.16 and a 200 day moving average price of $19.20. Old National Bancorp has a 12-month low of $15.36 and a 12-month high of $23.76. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The stock has a market cap of $6.72 billion, a P/E ratio of 12.76 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting 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 firm had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same period in the previous year, the firm earned $0.51 EPS. Old National Bancorp’s revenue was up 6.5% on a year-over-year basis. Sell-side analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC grew its position in shares of 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 valued at $26,000 after purchasing an additional 1,325 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in Old National Bancorp during the 2nd quarter valued at $28,000. GAMMA Investing LLC increased its position in Old National Bancorp by 156.8% during the third quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock worth $73,000 after buying an additional 2,385 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Old National Bancorp in the third quarter worth $91,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Old National Bancorp in the second quarter valued at $103,000. 83.66% of the stock is owned by hedge funds and other 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.