Old National Bancorp (NASDAQ:ONB) Price Target Increased to $21.00 by Analysts at Barclays

Old National Bancorp (NASDAQ:ONB) had its target price raised by research analysts at Barclays from $20.00 to $21.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Barclays‘s target price suggests a potential upside of 27.35% from the stock’s previous close.

A number of other equities analysts have also commented on ONB. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 2nd. UBS Group dropped their price target on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday, January 24th. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, December 27th. Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 9th. Finally, Stephens reduced their target price on Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Old National Bancorp has an average rating of “Moderate Buy” and an average target price of $18.86.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock traded up $0.02 during midday trading on Wednesday, hitting $16.49. The company had a trading volume of 551,875 shares, compared to its average volume of 2,172,196. The business’s 50 day simple moving average is $16.46 and its two-hundred day simple moving average is $15.90. The stock has a market cap of $4.84 billion, a PE ratio of 8.51 and a beta of 0.83. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.92 and a quick ratio of 0.92. Old National Bancorp has a 1-year low of $11.66 and a 1-year high of $17.64.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.02. Old National Bancorp had a return on equity of 12.04% and a net margin of 22.91%. The firm had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. During the same period in the previous year, the business posted $0.54 EPS. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. As a group, equities analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Institutional Trading of Old National Bancorp

A number of large investors have recently modified their holdings of the stock. Norges Bank purchased a new position in Old National Bancorp during the fourth quarter worth about $55,808,000. Channing Capital Management LLC increased its stake in shares of Old National Bancorp by 550.2% during the 3rd quarter. Channing Capital Management LLC now owns 3,722,335 shares of the bank’s stock worth $54,123,000 after purchasing an additional 3,149,806 shares in the last quarter. Verition Fund Management LLC boosted its position in Old National Bancorp by 48.9% during the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock worth $63,787,000 after acquiring an additional 1,240,952 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in Old National Bancorp by 293.4% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,349,974 shares of the bank’s stock worth $19,628,000 after acquiring an additional 1,006,825 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Old National Bancorp by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock valued at $241,176,000 after purchasing an additional 841,195 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.