Jefferies Financial Group Initiates Coverage on Old National Bancorp (NASDAQ:ONB)

Jefferies Financial Group began coverage on shares of Old National Bancorp (NASDAQ:ONB) in a research note issued to investors on Wednesday,Benzinga reports. The firm set a “hold” rating and a $24.00 price target on the bank’s stock. Jefferies Financial Group’s price objective would suggest a potential upside of 11.11% from the stock’s previous close.

ONB has been the subject of several other reports. Royal Bank of Canada dropped their target price on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Citigroup dropped their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Truist Financial began coverage on shares of Old National Bancorp in a report on Tuesday, May 13th. They set a “buy” rating and a $26.00 target price on the stock. Stephens reissued an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a research report on Monday, April 14th. Finally, Raymond James cut their price objective on Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, April 2nd. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $25.50.

Old National Bancorp Stock Down 1.5%

ONB stock opened at $21.60 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The firm has a 50-day moving average of $20.59 and a two-hundred day moving average of $21.81. Old National Bancorp has a 12 month low of $15.60 and a 12 month high of $24.49. The company has a market cap of $6.91 billion, a price-to-earnings ratio of 12.86 and a beta of 0.85.

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

Institutional Trading of Old National Bancorp

A number of institutional investors have recently modified their holdings of ONB. Lee Danner & Bass Inc. purchased a new stake in shares of Old National Bancorp in the fourth quarter worth about $25,000. Empowered Funds LLC acquired a new position in Old National Bancorp during the 4th quarter worth approximately $28,000. Summit Securities Group LLC purchased a new position in Old National Bancorp in the 1st quarter worth approximately $32,000. UMB Bank n.a. boosted its holdings in Old National Bancorp by 58.9% in the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after acquiring an additional 663 shares during the period. Finally, USA Financial Formulas acquired a new stake in Old National Bancorp in the first quarter valued at approximately $50,000. Hedge funds and other institutional investors 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.