Royal Bank of Canada Forecasts Strong Price Appreciation for Old National Bancorp (NASDAQ:ONB) Stock

Old National Bancorp (NASDAQ:ONB) had its target price hoisted by equities research analysts at Royal Bank of Canada from $24.00 to $25.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s price target points to a potential upside of 7.07% from the company’s current price.

Other equities analysts have also issued research reports about the company. Barclays upped their price objective on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Tuesday. Keefe, Bruyette & Woods upped their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday. Raymond James upgraded Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target for the company in a research report on Tuesday. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Finally, Piper Sandler restated an “overweight” rating and issued a $27.00 target price (up 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB traded up $0.41 during midday trading on Tuesday, reaching $23.35. 1,307,564 shares of the company’s stock traded hands, compared to its average volume of 2,111,804. 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 market cap of $7.45 billion, a price-to-earnings ratio of 14.15 and a beta of 0.82. The stock has a 50 day moving average of $19.63 and a 200 day moving average of $18.52. Old National Bancorp has a one year low of $14.32 and a one year high of $23.76.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.51 EPS. As a group, equities research analysts anticipate that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Institutional Trading of Old National Bancorp

Institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in shares of 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 grew its holdings in Old National Bancorp by 1,766.7% during the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after acquiring an additional 1,325 shares during the period. HHM Wealth Advisors LLC purchased a new position in Old National Bancorp during the second quarter valued at approximately $28,000. LRI Investments LLC acquired a new position in Old National Bancorp in the first quarter valued at approximately $48,000. Finally, Quest Partners LLC purchased a new stake 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.

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.