Brokerages Set Old National Bancorp (NASDAQ:ONB) PT at $26.27

Old National Bancorp (NASDAQ:ONB) has been given an average recommendation of “Moderate Buy” by the twelve ratings firms that are covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $26.2727.

Several brokerages recently issued reports on ONB. TD Cowen raised their target price on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a “hold” rating in a research note on Monday, October 27th. Barclays set a $29.00 price objective on Old National Bancorp and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Royal Bank Of Canada lifted their target price on Old National Bancorp from $23.00 to $24.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 23rd. Truist Financial cut their price target on Old National Bancorp from $27.00 to $26.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $26.00 price objective (down from $27.00) on shares of Old National Bancorp in a research report on Thursday, October 23rd.

Old National Bancorp Price Performance

NASDAQ:ONB opened at $20.31 on Friday. The stock has a market capitalization of $7.94 billion, a PE ratio of 11.88 and a beta of 0.89. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $24.49. The firm has a fifty day simple moving average of $21.23 and a 200 day simple moving average of $21.53. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, February 1st. The bank reported $0.46 EPS for the quarter. Old National Bancorp had a net margin of 17.39% and a return on equity of 14.95%. The firm had revenue of $222.80 million during the quarter. On average, research analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, December 5th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.8%. Old National Bancorp’s payout ratio is presently 32.75%.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds have recently bought and sold shares of the stock. MAI Capital Management grew its position in shares of Old National Bancorp by 156.8% in the third quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock valued at $25,000 after purchasing an additional 704 shares during the last quarter. Covestor Ltd boosted its stake in Old National Bancorp by 157.0% in the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock valued at $27,000 after purchasing an additional 755 shares during the period. Rothschild Investment LLC boosted its stake in Old National Bancorp by 72.3% in the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock valued at $28,000 after purchasing an additional 535 shares during the period. Summit Securities Group LLC acquired a new position in Old National Bancorp in the 1st quarter valued at $32,000. Finally, Hantz Financial Services Inc. increased its position in Old National Bancorp by 310.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank’s stock worth $33,000 after buying an additional 1,159 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.