Barclays Issues Positive Forecast for Old National Bancorp (NASDAQ:ONB) Stock Price

Old National Bancorp (NASDAQ:ONB) had its target price increased by Barclays from $26.00 to $27.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Several other equities research analysts have also recently commented on the stock. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada increased their price target on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 26th. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a research report on Tuesday, November 26th. Piper Sandler reissued an “overweight” rating and issued a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $24.38.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $21.50 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market cap of $6.86 billion, a price-to-earnings ratio of 13.03 and a beta of 0.86. The stock’s 50-day moving average is $21.16 and its 200-day moving average is $19.20. Old National Bancorp has a one year low of $15.36 and a one year high of $23.76.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. During the same quarter in the prior year, the firm posted $0.51 EPS. The business’s revenue was up 6.5% on a year-over-year basis. Equities analysts predict that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were paid a $0.14 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.60%. Old National Bancorp’s payout ratio is currently 33.94%.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Fisher Asset Management LLC boosted its position in Old National Bancorp by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after buying an additional 90,747 shares in the last quarter. Citigroup Inc. lifted its stake in shares of Old National Bancorp by 12.1% in the 3rd quarter. Citigroup Inc. now owns 485,023 shares of the bank’s stock valued at $9,051,000 after acquiring an additional 52,430 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in shares of Old National Bancorp by 6.1% during the 2nd quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank’s stock valued at $6,700,000 after acquiring an additional 22,249 shares in the last quarter. LMR Partners LLP bought a new stake in Old National Bancorp during the 3rd quarter worth $452,000. Finally, First Eagle Investment Management LLC increased its holdings in Old National Bancorp by 10.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 491,698 shares of the bank’s stock worth $8,452,000 after purchasing an additional 45,000 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.