Brokerages Set Old National Bancorp (NASDAQ:ONB) Target Price at $26.00

Shares of Old National Bancorp (NASDAQ:ONB) have received an average rating of “Moderate Buy” from the twelve ratings firms that are presently covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $26.0909.

A number of equities analysts have weighed in on ONB shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a research report on Monday, December 29th. TD Cowen boosted their price target on Old National Bancorp from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Wednesday. Piper Sandler restated an “overweight” rating and set a $26.00 price objective (down previously from $27.00) on shares of Old National Bancorp in a research note on Thursday, October 23rd. Barclays set a $29.00 price objective on Old National Bancorp and gave the stock an “overweight” rating in a report on Wednesday, October 8th. Finally, UBS Group assumed coverage on Old National Bancorp in a research note on Monday, December 15th. They set a “neutral” rating and a $25.00 target price for the company.

Old National Bancorp Stock Up 1.4%

Shares of NASDAQ:ONB opened at $23.36 on Friday. The company has a market capitalization of $9.13 billion, a price-to-earnings ratio of 13.66 and a beta of 0.84. The company has a 50 day moving average of $21.97 and a two-hundred day moving average of $21.86. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.49. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.80.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, February 1st. The bank reported $0.46 earnings per share for the quarter. The business had revenue of $222.80 million during the quarter. Old National Bancorp had a net margin of 17.39% and a return on equity of 10.42%. As a group, analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, December 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, December 5th. Old National Bancorp’s dividend payout ratio is 32.75%.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the stock. OLD National Bancorp IN lifted its position in shares of Old National Bancorp by 2,525.9% during the second quarter. OLD National Bancorp IN now owns 44,844,379 shares of the bank’s stock worth $956,979,000 after purchasing an additional 43,136,619 shares during the last quarter. Norges Bank acquired a new stake in Old National Bancorp during the second quarter valued at approximately $79,396,000. Vanguard Group Inc. raised its stake in Old National Bancorp by 10.1% during the third quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock valued at $808,047,000 after buying an additional 3,379,577 shares in the last quarter. First Trust Advisors LP lifted its holdings in Old National Bancorp by 104.6% during the 3rd quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank’s stock worth $114,738,000 after buying an additional 2,672,319 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its position in shares of Old National Bancorp by 439.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 2,595,144 shares of the bank’s stock worth $55,380,000 after acquiring an additional 2,114,266 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.