Piper Sandler Reiterates Overweight Rating for Old National Bancorp (NASDAQ:ONB)

Old National Bancorp (NASDAQ:ONB - Get Free Report)'s stock had its "overweight" rating reissued by Piper Sandler in a report issued on Tuesday,Benzinga reports. They currently have a $27.00 price target on the bank's stock, up from their prior price target of $23.00. Piper Sandler's price target indicates a potential upside of 15.78% from the stock's previous close.

A number of other research firms also recently weighed in on ONB. Barclays lifted their price target on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Friday, September 27th. Raymond James upgraded 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 research 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 assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.44.

Old National Bancorp Stock Performance

ONB stock traded up $0.38 during mid-day trading on Tuesday, hitting $23.32. 3,798,355 shares of the company were exchanged, compared to its average volume of 2,123,084. The business has a 50 day simple moving average of $19.63 and a 200-day simple moving average of $18.52. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $7.44 billion, a PE ratio of 14.15 and a beta of 0.82. Old National Bancorp has a 1-year low of $14.32 and a 1-year high of $23.76.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $482.20 million. During the same period last year, the business posted $0.51 earnings per share. The business's revenue for the quarter was up 6.5% compared to the same quarter last year. On average, equities analysts forecast that Old National Bancorp will post 1.84 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in shares of Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank's stock worth $26,000 after buying an additional 1,005 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Old National Bancorp by 1,766.7% during the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank's stock worth $26,000 after buying an additional 1,325 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in shares of Old National Bancorp in the second quarter worth $28,000. LRI Investments LLC bought a new stake in shares of Old National Bancorp in the first quarter worth $48,000. Finally, Quest Partners LLC bought a new stake in shares of Old National Bancorp in the third quarter worth $91,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.