Analysts Set Old National Bancorp (NASDAQ:ONB) Price Target at $27.27

Old National Bancorp (NASDAQ:ONB) has been assigned a consensus recommendation of “Moderate Buy” from the eleven research firms that are covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $27.2727.

Several analysts have recently issued reports on ONB shares. TD Cowen upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating and upped their target price for the company from $27.00 to $30.00 in a research report on Thursday, January 22nd. Piper Sandler reissued an “overweight” rating and set a $26.00 price objective (down from $27.00) on shares of Old National Bancorp in a research note on Thursday, October 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Old National Bancorp in a research note on Monday, December 29th. UBS Group initiated coverage on Old National Bancorp in a report on Monday, December 15th. They issued a “neutral” rating and a $25.00 target price for the company. Finally, Barclays set a $29.00 target price on Old National Bancorp and gave the company an “overweight” rating in a research report on Wednesday, October 8th.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds have recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D raised its position in Old National Bancorp by 9.0% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 108,059 shares of the bank’s stock worth $2,411,000 after purchasing an additional 8,941 shares during the period. M&T Bank Corp raised its holdings in shares of Old National Bancorp by 51.1% in the fourth quarter. M&T Bank Corp now owns 13,762 shares of the bank’s stock worth $307,000 after buying an additional 4,652 shares during the period. Comerica Bank lifted its stake in shares of Old National Bancorp by 27.8% during the 4th quarter. Comerica Bank now owns 263,057 shares of the bank’s stock worth $5,869,000 after acquiring an additional 57,152 shares during the last quarter. Pictet Asset Management Holding SA boosted its holdings in Old National Bancorp by 7.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 54,112 shares of the bank’s stock valued at $1,207,000 after acquiring an additional 3,951 shares during the period. Finally, Teachers Retirement System of The State of Kentucky grew its position in Old National Bancorp by 20.6% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 105,514 shares of the bank’s stock valued at $2,354,000 after acquiring an additional 18,000 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Trading Up 0.1%

ONB stock opened at $24.43 on Thursday. The firm has a fifty day moving average price of $22.90 and a 200 day moving average price of $22.01. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.77. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $9.55 billion, a PE ratio of 13.65 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. Old National Bancorp had a net margin of 17.91% and a return on equity of 15.06%. The company had revenue of $714.50 million for the quarter, compared to the consensus estimate of $705.62 million. During the same quarter in the prior year, the firm earned $0.49 earnings per share. Sell-side analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, December 5th were paid a $0.14 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.3%. Old National Bancorp’s dividend payout ratio is currently 31.28%.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.