Old National Bancorp’s (ONB) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Old National Bancorp (NASDAQ:ONB)‘s stock had its “sector perform” rating reissued by investment analysts at Royal Bank of Canada in a research report issued on Wednesday,Benzinga reports. They presently have a $26.00 target price on the bank’s stock, up from their prior target price of $24.00. Royal Bank of Canada’s price objective would suggest a potential upside of 11.00% from the company’s current price.

ONB has been the subject of a number of other reports. Piper Sandler reissued 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. Stephens reiterated an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a report on Wednesday. Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Finally, Barclays increased their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Old National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $25.38.

Old National Bancorp Stock Down 1.0 %

NASDAQ ONB traded down $0.24 during mid-day trading on Wednesday, hitting $23.42. The company’s stock had a trading volume of 1,336,588 shares, compared to its average volume of 3,765,715. The firm has a market capitalization of $7.47 billion, a price-to-earnings ratio of 14.17 and a beta of 0.87. The company’s 50 day simple moving average is $22.11 and its 200 day simple moving average is $20.10. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a twelve month low of $15.36 and a twelve month high of $24.17.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. During the same quarter in the previous year, the company earned $0.46 earnings per share. Analysts anticipate that Old National Bancorp will post 1.82 earnings per share for the current year.

Hedge Funds Weigh In On Old National Bancorp

Several institutional investors have recently added to or reduced their stakes in ONB. Victory Capital Management Inc. raised its position in Old National Bancorp by 147.3% in the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after acquiring an additional 4,303,071 shares during the period. Point72 Asset Management L.P. lifted its stake in Old National Bancorp by 6,650.2% in the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock valued at $21,931,000 after purchasing an additional 1,256,892 shares during the last quarter. New York State Common Retirement Fund grew its holdings in Old National Bancorp by 469.7% during the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock valued at $19,400,000 after purchasing an additional 857,158 shares during the period. Geode Capital Management LLC grew its holdings in Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after purchasing an additional 514,315 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Old National Bancorp in the third quarter worth $8,093,000. 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.