Royal Bank of Canada Reaffirms Sector Perform Rating for Old National Bancorp (NASDAQ:ONB)

Old National Bancorp (NASDAQ:ONB)‘s stock had its “sector perform” rating reissued by analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $26.00 price objective on the bank’s stock, up from their previous price objective of $24.00. Royal Bank of Canada’s target price suggests a potential upside of 13.69% from the stock’s current price.

A number of other brokerages have also commented on ONB. Keefe, Bruyette & Woods upped their target price on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. Raymond James reaffirmed a “strong-buy” rating and set a $29.00 price objective (up from $28.00) on shares of Old National Bancorp in a report on Wednesday. Stephens reissued an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and an average price target of $25.38.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $22.87 on Wednesday. The firm’s 50-day moving average is $22.15 and its 200-day moving average is $20.15. The company has a market cap of $7.29 billion, a price-to-earnings ratio of 13.61 and a beta of 0.87. 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 has a 52-week low of $15.36 and a 52-week high of $24.17.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.28% and a net margin of 18.24%. During the same quarter last year, the business earned $0.46 EPS. Equities research analysts anticipate that Old National Bancorp will post 2.02 earnings per share for the current year.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC raised its holdings 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 valued at $26,000 after buying an additional 1,325 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after acquiring an additional 615 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Old National Bancorp by 58.9% during the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after purchasing an additional 663 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Old National Bancorp by 156.8% in the third quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock valued at $73,000 after purchasing an additional 2,385 shares in the last quarter. Finally, Quest Partners LLC bought a new position in Old National Bancorp in the 3rd quarter worth approximately $91,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.