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 $29.00 to $30.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s target price indicates a potential upside of 34.02% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Citigroup lifted their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. UBS Group reaffirmed a “neutral” rating and set a $26.00 price target on shares of Old National Bancorp in a report on Wednesday, February 4th. Truist Financial lifted their price target on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a report on Monday, January 26th. Royal Bank Of Canada lifted their price target on Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a report on Thursday, January 22nd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $27.50.

Old National Bancorp Stock Performance

NASDAQ ONB traded down $0.05 during trading hours on Tuesday, reaching $22.39. The company’s stock had a trading volume of 1,126,051 shares, compared to its average volume of 3,127,931. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.86. The business has a 50-day simple moving average of $23.34 and a 200 day simple moving average of $22.43. Old National Bancorp has a 52 week low of $17.32 and a 52 week high of $26.17. The stock has a market cap of $8.72 billion, a PE ratio of 12.51 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. The company had revenue of $698.53 million for the quarter, compared to analysts’ expectations of $705.62 million. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.During the same quarter in the previous year, the company posted $0.49 earnings per share. Equities research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Nicholas J. Chulos sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total transaction of $751,500.00. Following the sale, the insider owned 20,438 shares of the company’s stock, valued at $511,971.90. The trade was a 59.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in Old National Bancorp by 5.3% in the third quarter. Principal Financial Group Inc. now owns 786,469 shares of the bank’s stock worth $17,263,000 after buying an additional 39,892 shares during the last quarter. Vanguard Group Inc. grew its position in Old National Bancorp by 10.1% in the third quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after buying an additional 3,379,577 shares during the last quarter. Thrivent Financial for Lutherans grew its position in Old National Bancorp by 7.9% in the third quarter. Thrivent Financial for Lutherans now owns 2,799,932 shares of the bank’s stock worth $61,459,000 after buying an additional 204,788 shares during the last quarter. First Trust Advisors LP grew its position in Old National Bancorp by 104.6% in the third quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank’s stock worth $114,738,000 after buying an additional 2,672,319 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in Old National Bancorp by 481.5% in the third quarter. Pacer Advisors Inc. now owns 60,480 shares of the bank’s stock worth $1,328,000 after buying an additional 50,080 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

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.