Raymond James Upgrades Old National Bancorp (NASDAQ:ONB) to Strong-Buy

Old National Bancorp (NASDAQ:ONB) was upgraded by equities researchers at Raymond James from a “market perform” rating to a “strong-buy” rating in a research note issued on Tuesday, MarketBeat.com reports. The firm currently has a $28.00 price objective on the bank’s stock. Raymond James’ price objective would suggest a potential upside of 21.00% from the company’s previous close.

ONB has been the topic of a number of other reports. Barclays raised their price target 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. StockNews.com raised 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 given a buy rating and one has given a strong buy rating to the company. 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 Stock Performance

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

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. During the same period in the prior year, the firm posted $0.51 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities research analysts forecast that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in shares of Old National Bancorp by 12.7% in the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after buying an additional 1,896,748 shares during the last quarter. State Street Corp increased its position in Old National Bancorp by 0.3% in the 3rd quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock valued at $275,941,000 after acquiring an additional 42,723 shares during the period. American Century Companies Inc. raised its stake in Old National Bancorp by 3.2% during the 2nd quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock valued at $242,795,000 after acquiring an additional 441,887 shares during the last quarter. Geode Capital Management LLC raised its stake in Old National Bancorp by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after acquiring an additional 514,315 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after acquiring an additional 4,303,071 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.