Stephens Reaffirms Overweight Rating for Old National Bancorp (NASDAQ:ONB)

Old National Bancorp (NASDAQ:ONB)‘s stock had its “overweight” rating reiterated by equities researchers at Stephens in a research note issued on Wednesday,Benzinga reports. They presently have a $27.00 target price on the bank’s stock. Stephens’ target price suggests a potential upside of 18.06% from the company’s current price.

Several other equities research analysts have also recently commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Barclays upped their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Finally, Royal Bank of Canada raised their target price on Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Old National Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $25.38.

Old National Bancorp Stock Performance

ONB stock opened at $22.87 on Wednesday. The company has a 50 day moving average price of $22.15 and a 200 day moving average price 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 debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $7.29 billion, a PE ratio of 13.61 and a beta of 0.87.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.28% and a net margin of 18.24%. During the same quarter in the prior year, the company earned $0.46 earnings per share. Analysts forecast that Old National Bancorp will post 2.02 EPS for the current year.

Hedge Funds Weigh In On Old National Bancorp

A number of large investors have recently bought and sold shares of ONB. Victory Capital Management Inc. boosted its holdings in Old National Bancorp by 147.3% during the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after purchasing an additional 4,303,071 shares during the last quarter. Point72 Asset Management L.P. lifted its position in Old National Bancorp by 6,650.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after buying an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Old National Bancorp by 469.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock worth $19,400,000 after buying an additional 857,158 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Old National Bancorp by 6.6% in 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 in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Old National Bancorp in the third quarter valued at about $8,093,000. 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.