Old National Bancorp (NASDAQ:ONB) Earns Overweight Rating from Piper Sandler

Old National Bancorp (NASDAQ:ONB)‘s stock had its “overweight” rating reiterated by equities research analysts at Piper Sandler in a research note issued on Tuesday,Benzinga reports. They currently have a $27.00 target price on the bank’s stock, up from their prior target price of $23.00. Piper Sandler’s target price indicates a potential upside of 17.70% from the stock’s current price.

A number of other brokerages have also recently commented on ONB. StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Barclays boosted their price target on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Finally, Raymond James upgraded 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. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $22.94 on Tuesday. 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 company’s fifty day moving average price is $19.63 and its 200 day moving average price is $18.52. The stock has a market capitalization of $7.32 billion, a P/E ratio of 13.90 and a beta of 0.82. Old National Bancorp has a 1 year low of $14.32 and a 1 year high of $23.76.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The business had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same quarter last year, the business earned $0.51 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of ONB. GAMMA Investing LLC grew its stake in shares of 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 buying an additional 1,005 shares during the period. International Assets Investment Management LLC raised its position 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 valued at $26,000 after buying an additional 1,325 shares during the period. HHM Wealth Advisors LLC acquired a new position in Old National Bancorp in the second quarter valued at approximately $28,000. LRI Investments LLC purchased a new position in Old National Bancorp in the first quarter worth approximately $48,000. Finally, Quest Partners LLC acquired a new stake in Old National Bancorp during the third quarter worth $91,000. 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.