Royal Bank of Canada Raises Old National Bancorp (NASDAQ:ONB) Price Target to $22.00

Old National Bancorp (NASDAQ:ONB) had its target price upped by Royal Bank of Canada from $19.00 to $22.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 9.13% from the stock’s current price.

Several other analysts also recently issued reports on ONB. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Hovde Group initiated coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They set an “outperform” rating and a $20.00 price target for the company. Finally, Barclays boosted their price objective on shares of Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $19.63.

Old National Bancorp Trading Down 0.1 %

NASDAQ:ONB traded down $0.03 on Wednesday, reaching $20.16. The company’s stock had a trading volume of 1,011,056 shares, compared to its average volume of 2,079,076. Old National Bancorp has a 1-year low of $12.36 and a 1-year high of $20.38. The business’s 50-day moving average price is $17.17 and its two-hundred day moving average price is $16.77. The firm has a market cap of $6.43 billion, a PE ratio of 10.91 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.02. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. The business had revenue of $750.93 million during the quarter, compared to analyst estimates of $474.10 million. During the same period in the previous year, the firm earned $0.54 EPS. Equities research analysts anticipate that Old National Bancorp will post 1.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Brendon B. Falconer sold 49,375 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the transaction, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Brendon B. Falconer sold 49,375 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total value of $803,825.00. Following the transaction, the chief financial officer now owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the sale, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at $795,015.90. The disclosure for this sale can be found here. Company insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors have recently modified their holdings of the business. Louisiana State Employees Retirement System grew its position in shares of Old National Bancorp by 6.1% during the 2nd quarter. Louisiana State Employees Retirement System now owns 89,300 shares of the bank’s stock worth $1,535,000 after purchasing an additional 5,100 shares in the last quarter. Hennessy Advisors Inc. grew its position in Old National Bancorp by 7.0% during the second quarter. Hennessy Advisors Inc. now owns 123,000 shares of the bank’s stock worth $2,114,000 after buying an additional 8,000 shares in the last quarter. Busey Bank increased its stake in Old National Bancorp by 41.6% during the 2nd quarter. Busey Bank now owns 38,519 shares of the bank’s stock worth $662,000 after acquiring an additional 11,316 shares during the period. Fifth Third Wealth Advisors LLC acquired a new position in Old National Bancorp in the 2nd quarter valued at $164,000. Finally, Leeward Investments LLC MA lifted its position in shares of Old National Bancorp by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 1,117,307 shares of the bank’s stock valued at $19,207,000 after acquiring an additional 59,184 shares during the period. Institutional investors 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.