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

Old National Bancorp (NASDAQ:ONB)‘s stock had its “overweight” rating reaffirmed by research analysts at Piper Sandler in a research note issued on Tuesday,Benzinga reports. They presently have a $27.00 target price on the bank’s stock, up from their prior target price of $23.00. Piper Sandler’s price objective suggests a potential upside of 16.68% from the company’s current price.

A number of other brokerages have also issued reports on ONB. Raymond James upgraded shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research report on Tuesday. StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Finally, Barclays lifted their target price on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $23.44.

Old National Bancorp Price Performance

NASDAQ ONB opened at $23.14 on Tuesday. The stock’s 50 day simple moving average is $19.72 and its 200 day simple moving average is $18.56. Old National Bancorp has a one year low of $14.32 and a one year high of $23.76. The firm has a market cap of $7.38 billion, a PE ratio of 14.04 and a beta of 0.82. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92.

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

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds have recently added to or reduced their stakes in ONB. International Assets Investment Management LLC grew its holdings in shares of Old National Bancorp by 1,766.7% in 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. GAMMA Investing LLC grew its stake in Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,005 shares during the period. HHM Wealth Advisors LLC bought a new stake in shares of Old National Bancorp in the second quarter worth about $28,000. LRI Investments LLC acquired a new stake in shares of Old National Bancorp during the first quarter worth about $48,000. Finally, Quest Partners LLC bought a new position in shares of Old National Bancorp during the 3rd quarter valued at about $91,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.