Old National Bancorp (NASDAQ:ONB) Price Target Raised to $26.00 at Barclays

Old National Bancorp (NASDAQ:ONB) had its price target raised by Barclays from $24.00 to $26.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Barclays‘s target price suggests a potential upside of 13.34% from the company’s previous close.

Several other brokerages also recently issued reports on ONB. Piper Sandler reissued an “overweight” rating and set a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Old National Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $22.22.

Old National Bancorp Stock Up 6.0 %

ONB opened at $22.94 on Tuesday. The stock’s fifty day moving average is $19.63 and its 200-day moving average is $18.52. The company has a market capitalization of $7.32 billion, a PE ratio of 13.90 and a beta of 0.82. Old National Bancorp has a one year low of $14.32 and a one year high of $23.76. 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 posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The firm had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same quarter in the previous year, the business posted $0.51 earnings per share. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. International Assets Investment Management LLC raised its stake in shares of Old National Bancorp by 1,766.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after acquiring 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 valued at $26,000 after purchasing an additional 1,005 shares during the last quarter. HHM Wealth Advisors LLC acquired a new position in Old National Bancorp during the second quarter valued at approximately $28,000. LRI Investments LLC bought a new position in shares of Old National Bancorp in the first quarter valued at approximately $48,000. Finally, Quest Partners LLC acquired a new stake in shares of Old National Bancorp in the third quarter worth $91,000. Institutional investors own 83.66% of the company’s stock.

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.