Old National Bancorp (NASDAQ:ONB) Price Target Raised to $25.00 at Royal Bank of Canada

Old National Bancorp (NASDAQ:ONB) had its price target boosted by Royal Bank of Canada from $24.00 to $25.00 in a research report report published on Tuesday,Benzinga reports. They currently have a sector perform rating on the bank’s stock.

ONB has been the subject of a number of other research reports. Keefe, Bruyette & Woods boosted their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday. Raymond James raised 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 note on Tuesday. Barclays boosted their target price on shares of Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Tuesday. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Finally, Piper Sandler reissued an “overweight” rating and set a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday. Two equities 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. According to data from MarketBeat.com, Old National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Stock Up 0.9 %

ONB opened at $23.14 on Tuesday. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $23.76. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. The company has a fifty day moving average of $19.63 and a two-hundred day moving average of $18.52. The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of 14.02 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. During the same quarter in the previous year, the company earned $0.51 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, research analysts expect that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s dividend payout ratio is presently 33.94%.

Institutional Investors Weigh In On Old National Bancorp

A number of large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its position in shares of Old National Bancorp by 12.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after buying an additional 1,896,748 shares during the last quarter. State Street Corp grew its position in shares of Old National Bancorp by 0.3% in the 3rd quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock valued at $275,941,000 after buying an additional 42,723 shares during the last quarter. American Century Companies Inc. grew its position in shares of Old National Bancorp by 3.2% in the 2nd quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock valued at $242,795,000 after buying an additional 441,887 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Old National Bancorp by 6.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after buying an additional 514,315 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Old National Bancorp by 147.3% in the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after buying an additional 4,303,071 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.