Old National Bancorp (NASDAQ:ONB) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Old National Bancorp (NASDAQ:ONB) had its target price hoisted by equities research analysts at Keefe, Bruyette & Woods from $23.00 to $28.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 21.00% from the company’s current price.

Several other brokerages have also recently issued reports on ONB. Barclays boosted their price objective on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target for the company in a report on Tuesday. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday. Two investment 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 company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Stock Performance

ONB opened at $23.14 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 12-month low of $14.32 and a 12-month high of $23.76. The firm has a 50 day moving average of $19.72 and a two-hundred day moving average of $18.56. The firm has a market capitalization of $7.38 billion, a PE ratio of 14.04 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.51 earnings per share. On average, analysts anticipate that Old National Bancorp will post 1.84 EPS for the current year.

Institutional Investors Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC lifted its holdings in Old National Bancorp by 188.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock valued at $885,000 after purchasing an additional 33,615 shares in the last quarter. Busey Bank raised its position in shares of Old National Bancorp by 41.6% during the 2nd quarter. Busey Bank now owns 38,519 shares of the bank’s stock worth $662,000 after purchasing an additional 11,316 shares during the last quarter. Comerica Bank lifted its stake in Old National Bancorp by 11.9% in the 1st quarter. Comerica Bank now owns 299,561 shares of the bank’s stock valued at $5,215,000 after buying an additional 31,937 shares in the last quarter. Retirement Systems of Alabama boosted its holdings in Old National Bancorp by 6.1% in the 2nd quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank’s stock worth $6,700,000 after buying an additional 22,249 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its holdings in Old National Bancorp by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock worth $59,453,000 after buying an additional 90,747 shares during the last quarter. Hedge funds and other institutional investors 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.