Barclays Boosts Old National Bancorp (NASDAQ:ONB) Price Target to $26.00

Old National Bancorp (NASDAQ:ONB) had its target price raised by investment analysts at Barclays from $24.00 to $26.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s price target points to a potential upside of 13.34% from the company’s previous close.

ONB has been the subject of a number of other reports. Raymond James upgraded 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. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.22.

Old National Bancorp Stock Up 6.0 %

ONB opened at $22.94 on Tuesday. Old National Bancorp has a 12 month low of $14.32 and a 12 month high of $23.76. The business has a 50-day moving average of $19.63 and a two-hundred day moving average of $18.52. 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 stock has a market capitalization of $7.32 billion, a price-to-earnings ratio of 13.90 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The firm 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%. Old National Bancorp’s revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 earnings per share. On average, research analysts expect that Old National Bancorp will post 1.84 earnings per share for the current year.

Institutional Trading of Old National Bancorp

Several large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its holdings in Old National Bancorp by 12.7% in the second 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 last quarter. State Street Corp boosted 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 purchasing an additional 42,723 shares during the period. American Century Companies Inc. boosted its holdings in shares of Old National Bancorp by 3.2% in the 2nd quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock valued at $242,795,000 after buying an additional 441,887 shares during the period. Geode Capital Management LLC boosted its stake 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 valued at $155,502,000 after acquiring an additional 514,315 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after purchasing an additional 4,303,071 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.