Old National Bancorp (NASDAQ:ONB) Price Target Raised to $27.00

Old National Bancorp (NASDAQ:ONB - Get Free Report) had its target price increased by stock analysts at Barclays from $26.00 to $27.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the bank's stock. Barclays's price target indicates a potential upside of 25.58% from the company's current price.

A number of other equities research analysts also recently issued reports on the company. Royal Bank of Canada increased their price objective on Old National Bancorp from $24.00 to $25.00 and gave the stock a "sector perform" rating in a research report on Tuesday, November 26th. StockNews.com cut Old National Bancorp from a "hold" rating to a "sell" rating in a report on Tuesday, December 3rd. Raymond James raised Old National Bancorp from a "market perform" rating to a "strong-buy" rating and set a $28.00 price objective for the company in a report on Tuesday, November 26th. Piper Sandler restated an "overweight" rating and issued a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an "outperform" rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Old National Bancorp has an average rating of "Moderate Buy" and an average price target of $24.38.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock traded up $0.44 on Friday, reaching $21.50. 8,105,164 shares of the company traded hands, compared to its average volume of 2,174,445. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $6.86 billion, a PE ratio of 13.03 and a beta of 0.86. The company has a 50 day moving average of $21.16 and a 200 day moving average of $19.20. Old National Bancorp has a 52 week low of $15.36 and a 52 week high of $23.76.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm's quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.51 EPS. Equities analysts forecast that Old National Bancorp will post 1.83 earnings per share for the current year.

Institutional Trading of Old National Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Studio Investment Management LLC boosted its stake in Old National Bancorp by 2.6% in the 3rd quarter. Studio Investment Management LLC now owns 20,803 shares of the bank's stock worth $388,000 after purchasing an additional 524 shares in the last quarter. CWM LLC raised its holdings in Old National Bancorp by 0.7% in the 3rd 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 raised its holdings in Old National Bancorp by 1.2% in the 3rd 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 lifted its position in 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 acquiring an additional 748 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Old National Bancorp by 1.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 105,231 shares of the bank's stock valued at $1,809,000 after purchasing an additional 1,207 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.