Keefe, Bruyette & Woods Issues Positive Forecast for Old National Bancorp (NASDAQ:ONB) Stock Price

Old National Bancorp (NASDAQ:ONB) had its price target increased by Keefe, Bruyette & Woods from $23.00 to $28.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an outperform rating on the bank’s stock.

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

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $23.14 on Tuesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The business has a fifty day simple moving average of $19.80 and a two-hundred day simple moving average of $18.59. Old National Bancorp has a 1 year low of $14.32 and a 1 year high of $23.76. The company has a market capitalization of $7.38 billion, a price-to-earnings ratio of 14.02 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. The company 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%. Old National Bancorp’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.51 EPS. Research analysts forecast that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds have recently bought and sold shares of ONB. Sanctuary Advisors LLC lifted its holdings in shares of Old National Bancorp by 31.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 31,597 shares of the bank’s stock worth $590,000 after acquiring an additional 7,489 shares during the period. Neo Ivy Capital Management bought a new stake in Old National Bancorp during the third quarter worth $124,000. Geode Capital Management LLC lifted its stake in Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after purchasing an additional 514,315 shares during the last quarter. Barclays PLC boosted its holdings in shares of Old National Bancorp by 93.6% in the 3rd quarter. Barclays PLC now owns 839,504 shares of the bank’s stock valued at $15,665,000 after purchasing an additional 405,956 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Old National Bancorp by 175.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 8,848 shares of the bank’s stock valued at $165,000 after purchasing an additional 5,632 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

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.