Old National Bancorp (NASDAQ:ONB) Price Target Raised to $25.00 at Royal Bank of Canada

Old National Bancorp (NASDAQ:ONB) had its price objective lifted by Royal Bank of Canada from $24.00 to $25.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a sector perform rating on the bank’s stock.

A number of other research firms have also weighed in on ONB. Raymond James upgraded Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a report on Tuesday. Barclays upped their price objective on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Tuesday. Keefe, Bruyette & Woods lifted their target price on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday. 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. Finally, StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a 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.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp Price 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. The business’s fifty day simple moving average is $19.80 and its 200-day simple moving average is $18.59. 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 has a 12-month low of $14.32 and a 12-month high of $23.76.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results 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 business had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. During the same quarter last year, the firm posted $0.51 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, equities research analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

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

Institutional Trading of Old National Bancorp

A number of institutional investors have recently bought and sold shares of ONB. Price T Rowe Associates Inc. MD lifted its position in Old National Bancorp by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 172,646 shares of the bank’s stock worth $3,006,000 after acquiring an additional 10,990 shares during the period. Tidal Investments LLC boosted its position in Old National Bancorp by 11.0% in the first quarter. Tidal Investments LLC now owns 13,273 shares of the bank’s stock valued at $231,000 after buying an additional 1,316 shares during the last quarter. Comerica Bank increased its holdings in Old National Bancorp by 11.9% in the 1st quarter. Comerica Bank now owns 299,561 shares of the bank’s stock worth $5,215,000 after buying an additional 31,937 shares during the period. EMC Capital Management raised its position in Old National Bancorp by 13.9% during the 1st quarter. EMC Capital Management now owns 22,445 shares of the bank’s stock worth $391,000 after buying an additional 2,735 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in Old National Bancorp during the 1st quarter valued at approximately $48,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Company Profile

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.