Old National Bancorp (NASDAQ:ONB) Earns Overweight Rating from Piper Sandler

Piper Sandler reissued their overweight rating on shares of Old National Bancorp (NASDAQ:ONB) in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a $27.00 price objective on the bank’s stock, up from their prior price objective of $23.00.

Several other brokerages have also commented on ONB. Raymond James upgraded Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research report on Tuesday. Barclays boosted their price target on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Finally, StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, November 25th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.44.

Old National Bancorp Stock Up 0.1 %

Old National Bancorp stock opened at $23.16 on Tuesday. The firm has a 50 day moving average price of $19.87 and a two-hundred day moving average price of $18.63. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 52-week low of $14.63 and a 52-week high of $23.76. The firm has a market cap of $7.39 billion, a price-to-earnings ratio of 14.04 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 earnings per share. Equities analysts predict that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s payout ratio is currently 33.94%.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC increased its holdings in Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after purchasing an additional 1,325 shares in the last quarter. GAMMA Investing LLC grew its holdings in Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after buying an additional 1,005 shares in the last quarter. HHM Wealth Advisors LLC purchased a new stake in Old National Bancorp in the 2nd quarter valued at $28,000. LRI Investments LLC purchased a new stake in Old National Bancorp in the 1st quarter valued at $48,000. Finally, Quest Partners LLC bought a new position in Old National Bancorp during the 3rd quarter valued at $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.