Old National Bancorp’s (ONB) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Old National Bancorp (NASDAQ:ONB) in a report released on Tuesday morning,Benzinga reports. They currently have a $27.00 price objective on the bank’s stock, up from their previous price objective of $23.00.

Other analysts have also issued research reports about the company. Raymond James upgraded 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 note on Tuesday. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Finally, Barclays upped their target price on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp Price Performance

ONB stock opened at $23.14 on Tuesday. The stock has a market cap of $7.38 billion, a PE ratio of 14.02 and a beta of 0.82. Old National Bancorp has a 12 month low of $14.32 and a 12 month high of $23.76. The company has a 50-day moving average price of $19.80 and a 200 day moving average price of $18.59. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting 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 business had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. During the same quarter in the previous year, the business earned $0.51 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities research analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Dividend Announcement

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

Institutional Trading of Old National Bancorp

A number of hedge funds have recently bought and sold shares of ONB. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Old National Bancorp by 188.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock valued at $885,000 after acquiring an additional 33,615 shares during the period. Busey Bank boosted its position in Old National Bancorp by 41.6% during the second quarter. Busey Bank now owns 38,519 shares of the bank’s stock valued at $662,000 after purchasing an additional 11,316 shares in the last quarter. Comerica Bank grew its stake in Old National Bancorp by 11.9% in the first quarter. Comerica Bank now owns 299,561 shares of the bank’s stock valued at $5,215,000 after purchasing an additional 31,937 shares during the last quarter. Fisher Asset Management LLC grew its stake in Old National Bancorp by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after purchasing an additional 90,747 shares during the last quarter. Finally, Retirement Systems of Alabama raised its holdings in Old National Bancorp by 6.1% in the second quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank’s stock worth $6,700,000 after purchasing an additional 22,249 shares in the last quarter. Hedge funds and other 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.