Old National Bancorp (NASDAQ:ONB) Given Average Recommendation of “Buy” by Brokerages

Shares of Old National Bancorp (NASDAQ:ONB) have earned an average rating of “Buy” from the seven analysts that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $26.29.

ONB has been the subject of a number of analyst reports. Barclays upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their price objective on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Piper Sandler reiterated an “overweight” rating and issued a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Finally, Stephens reissued an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, January 22nd.

Old National Bancorp Stock Performance

ONB stock opened at $24.30 on Thursday. Old National Bancorp has a 1-year low of $15.38 and a 1-year high of $24.49. The business has a 50-day moving average price of $22.68 and a 200 day moving average price of $20.79. The company has a market capitalization of $7.75 billion, a P/E ratio of 14.46 and a beta of 0.88. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.93 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 14.32%. During the same period last year, the company posted $0.46 earnings per share. As a group, equities research analysts forecast that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Old National Bancorp

Large investors have recently modified their holdings of the business. Lee Danner & Bass Inc. purchased a new position in shares of Old National Bancorp in the 4th quarter valued at approximately $25,000. Empowered Funds LLC acquired a new position in Old National Bancorp during the 4th quarter valued at approximately $28,000. International Assets Investment Management LLC lifted its stake in shares of Old National Bancorp by 1,766.7% during the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after buying an additional 1,325 shares during the period. Versant Capital Management Inc grew its holdings in shares of Old National Bancorp by 58.4% during the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock valued at $36,000 after buying an additional 615 shares during the last quarter. Finally, UMB Bank n.a. increased its position in shares of Old National Bancorp by 58.9% in the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after acquiring an additional 663 shares during the period. 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.