Old National Bancorp (NASDAQ:ONB) Given New $28.00 Price Target at Keefe, Bruyette & Woods

Old National Bancorp (NASDAQ:ONB - Free Report) had its price target raised by Keefe, Bruyette & Woods from $23.00 to $28.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an outperform rating on the bank's stock.

A number of other brokerages also recently weighed in on ONB. Piper Sandler reissued an "overweight" rating and issued a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a report on Tuesday. 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. StockNews.com raised shares of Old National Bancorp from a "sell" rating to a "hold" rating in a report on Monday. Finally, Barclays upped their price target on shares of Old National Bancorp from $24.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $23.44.

Old National Bancorp Price Performance

ONB stock traded up $0.20 during trading on Tuesday, hitting $23.14. The company had a trading volume of 6,392,749 shares, compared to its average volume of 2,134,779. 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 business has a 50 day moving average of $19.63 and a 200 day moving average of $18.52. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $23.76. 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 - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company's quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.51 earnings per share. As a group, research analysts predict that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

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

Hedge Funds Weigh In On Old National Bancorp

A number of large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in shares of Old National Bancorp by 12.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank's stock valued at $289,481,000 after purchasing an additional 1,896,748 shares during the period. State Street Corp increased its holdings in Old National Bancorp by 0.3% in the third quarter. State Street Corp now owns 14,787,843 shares of the bank's stock worth $275,941,000 after buying an additional 42,723 shares during the last quarter. American Century Companies Inc. raised its position in Old National Bancorp by 3.2% during the second quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank's stock valued at $242,795,000 after acquiring an additional 441,887 shares in the last quarter. Geode Capital Management LLC raised its position in Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank's stock valued at $155,502,000 after acquiring an additional 514,315 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Old National Bancorp by 147.3% during the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank's stock valued at $134,820,000 after acquiring an additional 4,303,071 shares in the last quarter. Institutional investors and hedge funds 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.