Old National Bancorp (NASDAQ:ONB) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Old National Bancorp (NASDAQ:ONB) had its price target hoisted by Keefe, Bruyette & Woods from $23.00 to $28.00 in a research note published on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the bank’s stock.

ONB has been the subject of a number of other reports. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, November 25th. Barclays boosted their price target on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday. Piper Sandler restated an “overweight” rating and set a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday. Finally, 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 note on Tuesday. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Price Performance

NASDAQ ONB opened at $23.16 on Tuesday. Old National Bancorp has a one year low of $14.63 and a one year high of $23.76. The stock has a 50-day moving average of $19.87 and a 200 day moving average of $18.63. The company has a market capitalization of $7.39 billion, a price-to-earnings ratio of 14.04 and a beta of 0.82. 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 (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. During the same period last year, the company earned $0.51 EPS. Old National Bancorp’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, sell-side analysts forecast that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ONB. Victory Capital Management Inc. lifted its position in shares of Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after buying an additional 4,303,071 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Old National Bancorp by 12.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after buying an additional 1,896,748 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in Old National Bancorp by 6,650.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after purchasing an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Old National Bancorp by 469.7% in the 3rd quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock worth $19,400,000 after purchasing an additional 857,158 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Old National Bancorp by 6.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after purchasing an additional 514,315 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Company Profile

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.