Old National Bancorp (NASDAQ:ONB) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Old National Bancorp (NASDAQ:ONB) had its price target hoisted by Keefe, Bruyette & Woods from $23.00 to $28.00 in a report issued on Tuesday,Benzinga reports. They currently have an outperform rating on the bank’s stock.

Several other brokerages have also recently issued reports on ONB. Barclays upped their price objective on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a report on Tuesday. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a report on Tuesday. Finally, StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday, November 25th. Two investment 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. According to MarketBeat.com, Old National Bancorp currently has an average rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Stock Up 0.1 %

NASDAQ ONB opened at $23.16 on Tuesday. The stock’s 50 day moving average is $19.87 and its 200 day moving average is $18.63. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 12 month low of $14.63 and a 12 month high of $23.76. The stock has a market cap of $7.39 billion, a PE ratio of 14.04 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. The company had revenue of $485.86 million for the quarter, compared to analysts’ expectations 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 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 EPS. Research analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

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

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds have recently bought and sold shares of ONB. GAMMA Investing LLC grew its position in Old National Bancorp by 194.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,005 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after purchasing an additional 1,325 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in shares of Old National Bancorp during the 2nd quarter worth $28,000. LRI Investments LLC purchased a new stake in Old National Bancorp in the first quarter valued at about $48,000. Finally, Quest Partners LLC purchased a new stake in Old National Bancorp in the third quarter valued at about $91,000. Institutional investors own 83.66% of the company’s stock.

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.