Old National Bancorp (NASDAQ:ONB) Rating Increased to Strong-Buy at Truist Financial

Truist Financial upgraded shares of Old National Bancorp (NASDAQ:ONB) to a strong-buy rating in a research note released on Monday morning,Zacks.com reports.

A number of other research analysts also recently issued reports on the stock. Citigroup cut their target price on shares of Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Barclays reduced their price target on shares of Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Raymond James lowered their price objective on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 2nd. Stephens reiterated an “overweight” rating and set a $27.00 target price on shares of Old National Bancorp in a report on Monday, April 14th. Finally, Royal Bank of Canada lowered their price target on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Old National Bancorp presently has an average rating of “Buy” and a consensus price target of $25.67.

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB opened at $22.57 on Monday. The stock has a market capitalization of $7.22 billion, a price-to-earnings ratio of 13.43 and a beta of 0.85. Old National Bancorp has a fifty-two week low of $15.60 and a fifty-two week high of $24.49. The business’s fifty day moving average price is $20.46 and its two-hundred day moving average price is $21.71. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.03. The firm had revenue of $486.87 million for the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. As a group, analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Thursday, June 5th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.48%. Old National Bancorp’s dividend payout ratio (DPR) is presently 32.56%.

Institutional Trading of Old National Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of ONB. Wellington Management Group LLP boosted its holdings in shares of Old National Bancorp by 923.4% in the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock valued at $189,374,000 after buying an additional 7,872,318 shares during the last quarter. Millennium Management LLC lifted its stake in Old National Bancorp by 10,795.2% in the fourth quarter. Millennium Management LLC now owns 4,795,942 shares of the bank’s stock valued at $104,096,000 after acquiring an additional 4,751,923 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Old National Bancorp in the 4th quarter valued at about $78,293,000. Norges Bank bought a new position in Old National Bancorp during the fourth quarter worth about $76,684,000. Finally, William Blair Investment Management LLC raised its stake in Old National Bancorp by 172.1% in the fourth quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank’s stock valued at $119,236,000 after buying an additional 3,474,578 shares during the period. 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.