Analysts Set Old National Bancorp (NASDAQ:ONB) Target Price at $24.38

Shares of Old National Bancorp (NASDAQ:ONB - Get Free Report) have been assigned an average rating of "Buy" from the eight research firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $24.38.

Several analysts have issued reports on the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Keefe, Bruyette & Woods upped their target price on Old National Bancorp from $23.00 to $28.00 and gave the company an "outperform" rating in a research note on Tuesday, November 26th. 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 report on Tuesday, November 26th. StockNews.com lowered Old National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, December 3rd. Finally, Barclays lifted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the stock an "overweight" rating in a research report on Friday, December 20th.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ONB. Sanctuary Advisors LLC grew its holdings in shares of Old National Bancorp by 31.1% during the third quarter. Sanctuary Advisors LLC now owns 31,597 shares of the bank's stock valued at $590,000 after purchasing an additional 7,489 shares during the last quarter. Neo Ivy Capital Management bought a new position in Old National Bancorp during the 3rd quarter worth $124,000. Geode Capital Management LLC increased its position in Old National Bancorp by 6.6% in the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank's stock worth $155,502,000 after buying an additional 514,315 shares during the period. Barclays PLC lifted its stake in Old National Bancorp by 93.6% in the third quarter. Barclays PLC now owns 839,504 shares of the bank's stock valued at $15,665,000 after buying an additional 405,956 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in Old National Bancorp by 175.1% in the third quarter. Public Employees Retirement System of Ohio now owns 8,848 shares of the bank's stock valued at $165,000 after buying an additional 5,632 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Price Performance

ONB stock traded up $0.26 during midday trading on Wednesday, hitting $21.92. 914,320 shares of the stock were exchanged, compared to its average volume of 2,168,267. The stock's 50-day moving average price is $21.37 and its 200-day moving average price is $19.37. 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 stock has a market cap of $6.99 billion, a price-to-earnings ratio of 13.28 and a beta of 0.86. Old National Bancorp has a fifty-two week low of $15.36 and a fifty-two week high of $23.76.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share 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 business had revenue of $485.86 million during the quarter, compared to analysts' expectations of $482.20 million. During the same quarter last year, the business posted $0.51 earnings per share. The business's revenue for the quarter was up 6.5% on a year-over-year basis. Research analysts predict that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date was Thursday, December 5th. Old National Bancorp's payout ratio is 33.94%.

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.