Barclays Forecasts Strong Price Appreciation for Old National Bancorp (NASDAQ:ONB) Stock

Old National Bancorp (NASDAQ:ONB) had its target price hoisted by research analysts at Barclays from $24.00 to $26.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s price target indicates a potential upside of 12.36% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Piper Sandler reissued an “overweight” rating and issued a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday. StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Raymond James upgraded 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 report on Tuesday. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock opened at $23.14 on Tuesday. The business has a 50 day moving average of $19.72 and a 200 day moving average of $18.56. Old National Bancorp has a 52 week low of $14.32 and a 52 week 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. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (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 period in the previous year, the firm earned $0.51 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, equities research analysts forecast that Old National Bancorp will post 1.84 earnings per share for the current year.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of Old National Bancorp by 188.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock valued at $885,000 after acquiring an additional 33,615 shares in the last quarter. Busey Bank boosted its stake in Old National Bancorp by 41.6% during the 2nd quarter. Busey Bank now owns 38,519 shares of the bank’s stock valued at $662,000 after purchasing an additional 11,316 shares during the last quarter. Comerica Bank increased its holdings in shares of 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 purchasing an additional 31,937 shares in the last quarter. Retirement Systems of Alabama raised its stake in shares of 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 purchasing an additional 22,249 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Old National Bancorp by 2.9% in the third 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. 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.