Old National Bancorp (NASDAQ:ONB) Given New $29.00 Price Target at Truist Financial

Old National Bancorp (NASDAQ:ONB) had its price target upped by analysts at Truist Financial from $28.00 to $29.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. Truist Financial’s target price would suggest a potential upside of 9.81% from the company’s previous close.

Several other equities analysts have also issued reports on ONB. Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. UBS Group began coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price objective for the company. Citigroup boosted their price objective on shares of Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Friday. Jefferies Financial Group reaffirmed a “hold” rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Finally, Raymond James Financial began coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They issued a “market perform” rating for the company. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $29.36.

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB opened at $26.41 on Tuesday. The firm’s 50 day simple moving average is $25.19 and its 200 day simple moving average is $24.06. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.32. The company has a market capitalization of $10.20 billion, a price-to-earnings ratio of 11.74 and a beta of 0.83. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.90.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 16.16%. The firm had revenue of $726.86 million during the quarter, compared to analysts’ expectations of $716.25 million. During the same quarter in the previous year, the company earned $0.53 earnings per share. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. As a group, sell-side analysts forecast that Old National Bancorp will post 2.58 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Kemnay Advisory Services Inc. acquired a new position in Old National Bancorp during the 4th quarter worth about $27,000. Flagship Harbor Advisors LLC acquired a new stake in Old National Bancorp during the 4th quarter valued at approximately $28,000. Los Angeles Capital Management LLC acquired a new stake in shares of Old National Bancorp during the fourth quarter worth $36,000. Peterson Wealth Services boosted its position in Old National Bancorp by 9,711.8% during the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock valued at $37,000 after acquiring an additional 1,651 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in shares of Old National Bancorp in the 2nd quarter valued at about $49,000. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.