Old National Bancorp (NASDAQ:ONB) Receives $23.44 Average Price Target from Analysts

Shares of Old National Bancorp (NASDAQ:ONB) have been given an average recommendation of “Buy” by the eight brokerages that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $24.25.

Several analysts recently issued reports on ONB shares. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Keefe, Bruyette & Woods increased their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Barclays increased their price target on shares of Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Royal Bank of Canada increased their price target on shares of Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a report on Tuesday, November 26th. Finally, StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday.

Old National Bancorp Price Performance

NASDAQ ONB opened at $23.23 on Friday. 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 fifty day simple moving average of $20.12 and a 200 day simple moving average of $18.76. The company has a market cap of $7.41 billion, a P/E ratio of 13.98 and a beta of 0.86. Old National Bancorp has a 1 year low of $15.36 and a 1 year high of $23.76.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. Old National Bancorp’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 EPS. On average, sell-side analysts predict that Old National Bancorp will post 1.84 EPS 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 $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s dividend payout ratio is 33.94%.

Hedge Funds Weigh In On Old National Bancorp

A number of hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its position in shares of Old National Bancorp by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 172,646 shares of the bank’s stock worth $3,006,000 after purchasing an additional 10,990 shares in the last quarter. Tidal Investments LLC increased its position in shares of Old National Bancorp by 11.0% during the 1st quarter. Tidal Investments LLC now owns 13,273 shares of the bank’s stock worth $231,000 after purchasing an additional 1,316 shares in the last quarter. Comerica Bank increased its position in shares of Old National Bancorp by 11.9% during the 1st quarter. Comerica Bank now owns 299,561 shares of the bank’s stock worth $5,215,000 after purchasing an additional 31,937 shares in the last quarter. LRI Investments LLC acquired a new stake in shares of Old National Bancorp during the 1st quarter worth about $48,000. Finally, GAMMA Investing LLC increased its position in shares of Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after purchasing an additional 1,005 shares in the last quarter. Institutional investors and hedge funds 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.