Analysts Set Old National Bancorp (NASDAQ:ONB) Price Target at $24.38

Shares of Old National Bancorp (NASDAQ:ONB) have earned a consensus rating of “Buy” from the eight research firms that are currently covering the stock, Marketbeat.com reports. One analyst has 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 12 month price objective among brokerages that have issued ratings on the stock in the last year is $24.38.

A number of research analysts have recently commented on ONB shares. Keefe, Bruyette & Woods increased their price objective on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Raymond James raised 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 report on Tuesday, November 26th. Piper Sandler reiterated an “overweight” rating and set a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Finally, Barclays upped their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, December 20th.

Old National Bancorp Price Performance

Shares of ONB opened at $23.66 on Friday. The company has a market cap of $7.55 billion, a P/E ratio of 14.34 and a beta of 0.87. The stock has a fifty day moving average price of $22.11 and a 200 day moving average price of $20.10. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. Old National Bancorp has a 12 month low of $15.36 and a 12 month high of $24.17.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. During the same period last year, the business earned $0.46 earnings per share. On average, research analysts forecast that Old National Bancorp will post 1.82 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were given a dividend of $0.14 per share. The ex-dividend date was Thursday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.37%. Old National Bancorp’s payout ratio is 33.94%.

Hedge Funds Weigh In On Old National Bancorp

A number of large investors have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its holdings in shares of Old National Bancorp by 147.3% in the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after acquiring an additional 4,303,071 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in Old National Bancorp by 6,650.2% during the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after buying an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund boosted 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 worth $19,400,000 after buying an additional 857,158 shares in the last quarter. Geode Capital Management LLC lifted 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 in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Old National Bancorp during the third quarter valued at $8,093,000. 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.