Keefe, Bruyette & Woods Raises Old National Bancorp (NASDAQ:ONB) Price Target to $28.00

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

A number of other equities research analysts also recently commented on ONB. 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. Barclays upped their target price on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a research note on Tuesday. Finally, StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Price Performance

NASDAQ:ONB opened at $23.14 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The business’s 50-day moving average price is $19.63 and its 200 day moving average price is $18.52. Old National Bancorp has a 52-week low of $14.32 and a 52-week high of $23.76. The firm has a market cap of $7.38 billion, a P/E ratio of 14.02 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 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 analysts’ expectations of $482.20 million. During the same quarter in the previous year, the company posted $0.51 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. As a group, sell-side analysts predict that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

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 issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC raised its stake in shares of Old National Bancorp by 188.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock worth $885,000 after purchasing an additional 33,615 shares in the last quarter. Busey Bank raised its position in Old National Bancorp by 41.6% during the second quarter. Busey Bank now owns 38,519 shares of the bank’s stock valued at $662,000 after acquiring an additional 11,316 shares in the last quarter. Comerica Bank lifted its stake in Old National Bancorp by 11.9% in the first quarter. Comerica Bank now owns 299,561 shares of the bank’s stock valued at $5,215,000 after acquiring an additional 31,937 shares during the last quarter. Retirement Systems of Alabama grew its position in Old National Bancorp by 6.1% in the second quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank’s stock worth $6,700,000 after acquiring an additional 22,249 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of Old National Bancorp by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock worth $59,453,000 after purchasing an additional 90,747 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.