Old National Bancorp (NASDAQ:ONB) Price Target Raised to $27.00

Old National Bancorp (NASDAQ:ONB) had its target price increased by TD Cowen from $26.00 to $27.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Cowen restated a “hold” rating on shares of Old National Bancorp in a report on Wednesday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th. Truist Financial lowered their price objective on shares of Old National Bancorp from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Thursday, October 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $26.00 target price (down previously from $27.00) on shares of Old National Bancorp in a research report on Thursday, October 23rd. Finally, UBS Group assumed coverage on shares of Old National Bancorp in a research note on Monday, December 15th. They set a “neutral” rating and a $25.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $26.09.

Old National Bancorp Price Performance

NASDAQ ONB opened at $23.27 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market capitalization of $9.09 billion, a price-to-earnings ratio of 13.61 and a beta of 0.84. The company has a 50 day simple moving average of $22.02 and a 200-day simple moving average of $21.87. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.49.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, February 1st. The bank reported $0.46 EPS for the quarter. The firm had revenue of $222.80 million for the quarter. Old National Bancorp had a net margin of 17.39% and a return on equity of 10.42%. Equities research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, December 5th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Friday, December 5th. Old National Bancorp’s dividend payout ratio is currently 32.75%.

Institutional Trading of Old National Bancorp

Several institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its position in shares of Old National Bancorp by 4.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 24,133 shares of the bank’s stock worth $549,000 after purchasing an additional 1,124 shares in the last quarter. Boston Partners increased its position in shares of Old National Bancorp by 0.9% in the 2nd quarter. Boston Partners now owns 1,895,273 shares of the bank’s stock valued at $40,307,000 after buying an additional 17,033 shares in the last quarter. Y Intercept Hong Kong Ltd raised its stake in Old National Bancorp by 863.6% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 154,299 shares of the bank’s stock worth $3,293,000 after buying an additional 138,287 shares during the period. Bank of New York Mellon Corp raised its stake in Old National Bancorp by 2.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,488,836 shares of the bank’s stock worth $74,452,000 after buying an additional 93,959 shares during the period. Finally, Signaturefd LLC lifted its holdings in Old National Bancorp by 22.7% during the second quarter. Signaturefd LLC now owns 3,297 shares of the bank’s stock worth $70,000 after acquiring an additional 609 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.