Old National Bancorp (NASDAQ:ONB) Price Target Raised to $29.00

Old National Bancorp (NASDAQ:ONB) had its price objective upped by Truist Financial from $28.00 to $29.00 in a report published on Tuesday morning, MarketBeat reports. They currently have a buy rating on the bank’s stock.

A number of other equities research analysts also recently weighed in on ONB. Royal Bank Of Canada raised their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a “sector perform” rating in a research report on Thursday, July 23rd. Citigroup upped their price objective on Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, July 24th. UBS Group assumed coverage on Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price objective on the stock. Jefferies Financial Group reissued a “hold” rating and set a $27.00 price objective on shares of Old National Bancorp in a report on Wednesday, July 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a report on Thursday, June 4th. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $29.36.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $26.41 on Tuesday. The company’s fifty day moving average price is $25.37 and its 200-day moving average price is $24.14. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $10.20 billion, a price-to-earnings ratio of 11.74 and a beta of 0.83. Old National Bancorp has a one year low of $19.39 and a one year high of $27.32.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 16.16%. The company had revenue of $732.55 million during the quarter, compared to the consensus estimate of $716.25 million. During the same period in the previous year, the firm posted $0.53 EPS. The firm’s revenue was up 13.2% compared to the same quarter last year. On average, equities research analysts anticipate that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were given a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 25.78%.

Insiders Place Their Bets

In other Old National Bancorp news, insider Nicholas J. Chulos sold 20,000 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the sale, the insider directly owned 53,544 shares of the company’s stock, valued at $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.72% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Revolve Wealth Partners LLC purchased a new stake in Old National Bancorp during the 2nd quarter valued at about $299,000. Valeo Financial Advisors LLC increased its stake in Old National Bancorp by 10.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 26,719 shares of the bank’s stock worth $692,000 after purchasing an additional 2,525 shares during the period. Trust Point Inc. bought a new stake in Old National Bancorp in the second quarter valued at approximately $209,000. FNY Investment Advisers LLC purchased a new stake in shares of Old National Bancorp during the second quarter valued at approximately $49,000. Finally, GAMMA Investing LLC boosted its stake in shares of Old National Bancorp by 11.5% during the second quarter. GAMMA Investing LLC now owns 11,060 shares of the bank’s stock valued at $286,000 after purchasing an additional 1,141 shares during the period. Institutional investors 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.