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

Old National Bancorp (NASDAQ:ONB - Free Report) had its price objective upped by Barclays from $24.00 to $26.00 in a research report released on Tuesday morning,Benzinga reports. Barclays currently has an overweight rating on the bank's stock.

ONB has been the subject of several other research reports. Raymond James raised shares of 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. Piper Sandler restated an "overweight" rating and issued a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday. Finally, StockNews.com upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Monday. Two 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 company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $23.44.

Old National Bancorp Stock Performance

Shares of ONB traded up $0.20 during trading hours on Tuesday, hitting $23.14. The stock had a trading volume of 6,392,748 shares, compared to its average volume of 2,125,195. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 14.07 and a beta of 0.82. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a 50-day moving average price of $19.63 and a 200 day moving average price of $18.52. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $23.76.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting analysts' consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm had revenue of $485.86 million for the quarter, compared to analysts' expectations of $482.20 million. During the same period last year, the firm earned $0.51 EPS. The company's quarterly revenue was up 6.5% on a year-over-year basis. As a group, research analysts anticipate that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. Old National Bancorp's dividend payout ratio is currently 33.94%.

Institutional Trading of Old National Bancorp

Several hedge funds have recently made changes to their positions in the business. Studio Investment Management LLC grew its position in shares of Old National Bancorp by 2.6% during the third quarter. Studio Investment Management LLC now owns 20,803 shares of the bank's stock worth $388,000 after buying an additional 524 shares in the last quarter. CWM LLC lifted its stake in Old National Bancorp by 0.7% in the third quarter. CWM LLC now owns 87,365 shares of the bank's stock worth $1,630,000 after acquiring an additional 591 shares during the last quarter. Stifel Financial Corp lifted its stake in Old National Bancorp by 1.2% in the third quarter. Stifel Financial Corp now owns 53,594 shares of the bank's stock worth $1,000,000 after acquiring an additional 648 shares during the last quarter. Forum Financial Management LP increased its position in shares of Old National Bancorp by 3.9% in the 2nd quarter. Forum Financial Management LP now owns 20,152 shares of the bank's stock valued at $346,000 after purchasing an additional 748 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Old National Bancorp by 194.8% in the 2nd 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 in the last quarter. Institutional investors and hedge funds 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.