Old National Bancorp (NASDAQ:ONB) Price Target Raised to $28.00

Old National Bancorp (NASDAQ:ONB) had its target price boosted by Keefe, Bruyette & Woods from $23.00 to $28.00 in a research report released on Tuesday,Benzinga reports. They currently have an outperform rating on the bank’s stock.

A number of other brokerages have also recently commented on ONB. Piper Sandler reaffirmed an “overweight” rating and issued a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. 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 report on Tuesday. Finally, Barclays lifted their target price on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday. Two 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Price Performance

Shares of ONB opened at $23.14 on Tuesday. The business’s fifty day moving average price is $19.80 and its two-hundred day moving average price is $18.59. The firm 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 has a 52 week low of $14.32 and a 52 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.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The business had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.51 earnings per share. On average, analysts predict that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Dividend Announcement

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

Institutional Trading of Old National Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of ONB. International Assets Investment Management LLC grew its stake in 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 valued at $26,000 after purchasing an additional 1,325 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after buying an additional 1,005 shares in the last quarter. HHM Wealth Advisors LLC bought a new position in shares of Old National Bancorp in the second quarter valued at $28,000. LRI Investments LLC acquired a new position in Old National Bancorp during the first quarter worth $48,000. Finally, Quest Partners LLC bought a new stake in Old National Bancorp during the third quarter worth $91,000. 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.