Old National Bancorp (NASDAQ:ONB) Given “Strong-Buy” Rating at Raymond James

Old National Bancorp (NASDAQ:ONB)‘s stock had its “strong-buy” rating restated by stock analysts at Raymond James in a research report issued on Wednesday,Benzinga reports. They currently have a $29.00 price target on the bank’s stock, up from their prior price target of $28.00. Raymond James’ price target would suggest a potential upside of 26.80% from the stock’s current price.

A number of other research analysts have also recently commented on ONB. Stephens reissued an “overweight” rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday. Barclays boosted their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $25.38.

Old National Bancorp Stock Down 2.4 %

ONB stock opened at $22.87 on Wednesday. The company has a 50 day moving average price of $22.15 and a two-hundred day moving average price of $20.15. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $7.29 billion, a P/E ratio of 13.61 and a beta of 0.87. Old National Bancorp has a one year low of $15.36 and a one year high of $24.17.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.28%. During the same period last year, the firm posted $0.46 EPS. As a group, sell-side analysts expect that Old National Bancorp will post 2.02 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC lifted its stake in Old National Bancorp by 1,766.7% during the third 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. Versant Capital Management Inc raised its holdings in shares of Old National Bancorp by 58.4% during the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after purchasing an additional 615 shares during the period. UMB Bank n.a. lifted its position in shares of Old National Bancorp by 58.9% in the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after buying an additional 663 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Old National Bancorp by 156.8% in the 3rd quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock valued at $73,000 after buying an additional 2,385 shares during the period. Finally, Quest Partners LLC acquired a new position in shares of Old National Bancorp in the 3rd quarter valued at about $91,000. Institutional investors and hedge funds 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.