Old National Bancorp (NASDAQ:ONB) Given Consensus Rating of “Buy” by Analysts

Shares of Old National Bancorp (NASDAQ:ONB) have earned a consensus rating of “Buy” from the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $26.29.

Several research firms recently weighed in on ONB. Stephens reaffirmed an “overweight” rating and issued a $27.00 price objective on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods raised 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, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $26.00 price objective (up from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Raymond James restated a “strong-buy” rating and set a $29.00 target price (up from $28.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Finally, Barclays lifted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Wellington Management Group LLP raised its stake in Old National Bancorp by 923.4% during the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank’s stock valued at $189,374,000 after acquiring an additional 7,872,318 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Old National Bancorp by 147.3% during the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after purchasing an additional 4,303,071 shares in the last quarter. Norges Bank acquired a new stake in Old National Bancorp in the fourth quarter worth about $76,684,000. William Blair Investment Management LLC lifted its holdings in Old National Bancorp by 172.1% in the fourth quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank’s stock worth $119,236,000 after purchasing an additional 3,474,578 shares during the period. Finally, ExodusPoint Capital Management LP bought a new position in Old National Bancorp in the 4th quarter valued at about $42,316,000. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $23.81 on Thursday. The firm’s fifty day simple moving average is $22.58 and its 200-day simple moving average is $20.63. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.83. The stock has a market cap of $7.59 billion, a PE ratio of 14.17 and a beta of 0.88. Old National Bancorp has a fifty-two week low of $15.36 and a fifty-two week high of $24.49.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 14.32%. During the same quarter last year, the company earned $0.46 EPS. Analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

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.