Old National Bancorp’s (ONB) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Old National Bancorp (NASDAQ:ONB) in a report published on Tuesday,Benzinga reports. They currently have a $27.00 price objective on the bank’s stock, up from their previous price objective of $23.00.

A number of other research firms have also recently weighed in on ONB. Raymond James upgraded shares of 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 research note on Tuesday. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Barclays upped their price objective on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Old National Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Price Performance

NASDAQ ONB opened at $23.14 on Tuesday. Old National Bancorp has a 52 week low of $14.32 and a 52 week high of $23.76. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82. The stock’s 50-day moving average price is $19.80 and its 200-day moving average price is $18.59.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. During the same quarter last year, the business earned $0.51 EPS. The firm’s revenue was up 6.5% compared to the same quarter last year. On average, equities research analysts predict that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s payout ratio is presently 33.94%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its stake in Old National Bancorp by 188.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock valued at $885,000 after purchasing an additional 33,615 shares in the last quarter. Busey Bank increased its holdings in shares of Old National Bancorp by 41.6% in the 2nd quarter. Busey Bank now owns 38,519 shares of the bank’s stock worth $662,000 after buying an additional 11,316 shares during the last quarter. Comerica Bank raised its position in shares of Old National Bancorp by 11.9% during the 1st quarter. Comerica Bank now owns 299,561 shares of the bank’s stock valued at $5,215,000 after buying an additional 31,937 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Old National Bancorp by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after acquiring an additional 90,747 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its holdings in shares of Old National Bancorp by 6.1% in the 2nd quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank’s stock valued at $6,700,000 after acquiring an additional 22,249 shares during the last quarter. 83.66% of the stock is currently owned by 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.