Old National Bancorp (NASDAQ:ONB) Earns “Overweight” Rating from Piper Sandler

Old National Bancorp (NASDAQ:ONB)‘s stock had its “overweight” rating restated by equities research analysts at Piper Sandler in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $27.00 price target on the bank’s stock, up from their prior price target of $23.00. Piper Sandler’s target price would indicate a potential upside of 16.68% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Raymond James upgraded shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Tuesday. Barclays lifted their price target on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Finally, StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $23.14 on Tuesday. The stock has a market cap of $7.38 billion, a P/E ratio of 14.04 and a beta of 0.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 12-month low of $14.32 and a 12-month high of $23.76. The business’s 50 day moving average is $19.72 and its 200-day moving average is $18.56.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business 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. The firm’s revenue was up 6.5% compared to the same quarter last year. Equities research analysts predict that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Old National Bancorp

A number of hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its stake in Old National Bancorp by 194.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,005 shares during the period. International Assets Investment Management LLC increased its stake 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 worth $26,000 after purchasing an additional 1,325 shares in the last quarter. HHM Wealth Advisors LLC purchased a new position in shares of Old National Bancorp in the second quarter worth about $28,000. LRI Investments LLC bought a new stake in shares of Old National Bancorp in the first quarter valued at approximately $48,000. Finally, Quest Partners LLC purchased a new stake in shares of Old National Bancorp during the 3rd quarter valued at approximately $91,000. 83.66% of the stock is currently owned by institutional investors.

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.