Old National Bancorp (NASDAQ:ONB) Given “Sector Perform” Rating at Royal Bank of Canada

Old National Bancorp (NASDAQ:ONB)‘s stock had its “sector perform” rating reaffirmed by equities research analysts at Royal Bank of Canada in a report issued on Wednesday,Benzinga reports. They currently have a $26.00 target price on the bank’s stock, up from their previous target price of $24.00. Royal Bank of Canada’s target price indicates a potential upside of 13.69% from the company’s current price.

ONB has been the topic of a number of other research reports. Barclays raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Piper Sandler restated an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Stephens reiterated an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Wednesday. Keefe, Bruyette & Woods boosted their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Finally, StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.38.

Old National Bancorp Trading Down 2.4 %

ONB opened at $22.87 on Wednesday. The firm has a 50 day simple moving average of $22.15 and a 200 day simple moving average of $20.15. Old National Bancorp has a fifty-two week low of $15.36 and a fifty-two week high of $24.17. The company has a market cap of $7.29 billion, a price-to-earnings ratio of 13.61 and a beta of 0.87. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.28%. During the same quarter in the previous year, the business posted $0.46 earnings per share. On average, sell-side analysts anticipate that Old National Bancorp will post 2.02 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. lifted its stake in Old National Bancorp by 147.3% in the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after acquiring an additional 4,303,071 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Old National Bancorp by 6,650.2% in the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock valued at $21,931,000 after purchasing an additional 1,256,892 shares during the last quarter. New York State Common Retirement Fund lifted its position in shares of Old National Bancorp by 469.7% in the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock worth $19,400,000 after purchasing an additional 857,158 shares in the last quarter. Geode Capital Management LLC boosted its holdings 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. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Old National Bancorp in the third quarter valued at $8,093,000. 83.66% of the stock is owned by institutional investors and hedge funds.

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.