Old National Bancorp (NASDAQ:ONB) Given New $25.00 Price Target at Royal Bank of Canada

Old National Bancorp (NASDAQ:ONB) had its price target hoisted by Royal Bank of Canada from $24.00 to $25.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has a sector perform rating on the bank’s stock.

Other equities research analysts have also issued reports about the company. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, November 25th. Barclays upped their price target on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday. Raymond James upgraded Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target for the company in a research report on Tuesday. Piper Sandler restated an “overweight” rating and issued a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research report on Tuesday. Finally, Keefe, Bruyette & Woods upped their price target on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday. Two investment 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. According to MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Price Performance

NASDAQ:ONB opened at $23.16 on Tuesday. Old National Bancorp has a 12 month low of $14.63 and a 12 month high of $23.76. The stock has a 50 day moving average of $19.87 and a two-hundred day moving average of $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. The firm has a market cap of $7.39 billion, a P/E ratio of 14.04 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. During the same period in the previous year, the business earned $0.51 EPS. Old National Bancorp’s quarterly revenue was up 6.5% on a year-over-year basis. On average, analysts expect that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 is Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is 33.94%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ONB. Price T Rowe Associates Inc. MD lifted its stake in Old National Bancorp by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 172,646 shares of the bank’s stock worth $3,006,000 after purchasing an additional 10,990 shares in the last quarter. Tidal Investments LLC lifted its stake in Old National Bancorp by 11.0% during the first quarter. Tidal Investments LLC now owns 13,273 shares of the bank’s stock worth $231,000 after purchasing an additional 1,316 shares in the last quarter. Comerica Bank lifted its stake in Old National Bancorp by 11.9% during the first quarter. Comerica Bank now owns 299,561 shares of the bank’s stock worth $5,215,000 after purchasing an additional 31,937 shares in the last quarter. EMC Capital Management lifted its stake in Old National Bancorp by 13.9% during the first quarter. EMC Capital Management now owns 22,445 shares of the bank’s stock worth $391,000 after purchasing an additional 2,735 shares in the last quarter. Finally, LRI Investments LLC acquired a new position in Old National Bancorp during the first quarter worth $48,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.