Old National Bancorp (NASDAQ:ONB) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Old National Bancorp (NASDAQ:ONB) had its target price increased by analysts at Royal Bank of Canada from $24.00 to $25.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s target price indicates a potential upside of 8.04% from the company’s current price.

ONB has been the topic of a number of other reports. Keefe, Bruyette & Woods upped their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday. Raymond James raised 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 lifted their price target on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Old National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $23.14 on Tuesday. The stock’s 50 day moving average price is $19.72 and its two-hundred day moving average price is $18.56. Old National Bancorp has a 52-week low of $14.32 and a 52-week high of $23.76. The stock has a market capitalization of $7.38 billion, a P/E ratio of 14.04 and a beta of 0.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. The firm had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same period last year, the firm earned $0.51 EPS. On average, analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its position in Old National Bancorp by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 172,646 shares of the bank’s stock worth $3,006,000 after purchasing an additional 10,990 shares during the period. Tidal Investments LLC raised its stake in Old National Bancorp by 11.0% during the first quarter. Tidal Investments LLC now owns 13,273 shares of the bank’s stock worth $231,000 after acquiring an additional 1,316 shares in the last quarter. Comerica Bank raised its stake in Old National Bancorp by 11.9% during the first quarter. Comerica Bank now owns 299,561 shares of the bank’s stock worth $5,215,000 after acquiring an additional 31,937 shares in the last quarter. EMC Capital Management raised its stake in Old National Bancorp by 13.9% during the first quarter. EMC Capital Management now owns 22,445 shares of the bank’s stock worth $391,000 after acquiring an additional 2,735 shares in the last quarter. Finally, LRI Investments LLC acquired a new position in Old National Bancorp during the first quarter worth about $48,000. Institutional investors 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.