Analysts Set Old National Bancorp (NASDAQ:ONB) Price Target at $26.29

Old National Bancorp (NASDAQ:ONB) has been assigned a consensus recommendation of “Buy” from the seven brokerages that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $26.29.

Several brokerages have recently weighed in on ONB. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Raymond James reaffirmed a “strong-buy” rating and set a $29.00 price target (up previously from $28.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Stephens reaffirmed an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods lifted their price target on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th.

Old National Bancorp Stock Performance

Shares of ONB opened at $23.89 on Thursday. The stock has a 50-day simple moving average of $22.61 and a 200-day simple moving average of $20.68. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market capitalization of $7.62 billion, a PE ratio of 14.22 and a beta of 0.88. Old National Bancorp has a 1 year low of $15.38 and a 1 year high of $24.49.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 14.32% and a net margin of 18.24%. During the same quarter last year, the firm posted $0.46 EPS. On average, analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Institutional Trading of Old National Bancorp

Institutional investors have recently modified their holdings of the business. Soros Fund Management LLC purchased a new stake in Old National Bancorp during the fourth quarter worth $24,190,000. Schonfeld Strategic Advisors LLC boosted its position in Old National Bancorp by 108.5% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 47,426 shares of the bank’s stock worth $1,029,000 after purchasing an additional 24,682 shares in the last quarter. Emerald Mutual Fund Advisers Trust purchased a new stake in Old National Bancorp during the fourth quarter worth $576,000. Northern Trust Corp boosted its position in Old National Bancorp by 17.6% during the fourth quarter. Northern Trust Corp now owns 4,277,530 shares of the bank’s stock worth $92,844,000 after purchasing an additional 641,055 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Old National Bancorp by 155.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,036,909 shares of the bank’s stock worth $65,916,000 after purchasing an additional 1,850,249 shares in the last quarter. 83.66% of the stock is currently 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.