Barclays Forecasts Strong Price Appreciation for Old National Bancorp (NASDAQ:ONB) Stock

Old National Bancorp (NASDAQ:ONB) had its price objective increased by analysts at Barclays from $24.00 to $26.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Barclays‘s price objective indicates a potential upside of 12.36% from the company’s previous close.

Several other equities research analysts have also commented on ONB. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday. Raymond James upgraded shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research report on Tuesday. Finally, StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.44.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $23.14 on Tuesday. The company has a market cap of $7.38 billion, a PE ratio of 14.04 and a beta of 0.82. 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 company has a 50 day simple moving average of $19.72 and a two-hundred day simple moving average of $18.56. Old National Bancorp has a 12 month low of $14.32 and a 12 month high of $23.76.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. Old National Bancorp’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.51 earnings per share. Research analysts forecast that Old National Bancorp will post 1.84 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its stake in Old National Bancorp by 188.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock worth $885,000 after buying an additional 33,615 shares in the last quarter. Busey Bank lifted its position in shares of Old National Bancorp by 41.6% in the second quarter. Busey Bank now owns 38,519 shares of the bank’s stock valued at $662,000 after acquiring an additional 11,316 shares in the last quarter. Comerica Bank boosted its stake in shares of Old National Bancorp by 11.9% in the first quarter. Comerica Bank now owns 299,561 shares of the bank’s stock worth $5,215,000 after acquiring an additional 31,937 shares during the period. Retirement Systems of Alabama grew its position in shares of Old National Bancorp by 6.1% during the second quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank’s stock worth $6,700,000 after purchasing an additional 22,249 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in Old National Bancorp by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after purchasing an additional 90,747 shares during the period. Hedge funds and other 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.