Old National Bancorp (ONB) - What Are Investment Firms Saying About This Stock?

Key Points

• Analysts rate Old National Bancorp “Moderate Buy,” with 12 buy ratings and two holds; the average 12-month price target is $29.64.
• Institutional investors own 83.66% of the company, with major firms including BlackRock, Dimensional Fund Advisors, and Bank of America recently adding or initiating positions.
• Old National reported quarterly EPS of $0.66, matching estimates, while revenue of $720.39 million fell short of expectations; it also pays a $0.145 quarterly dividend, yielding about 2.3% annually.

Old National Bancorp (NASDAQ:ONB - Get Free Report) has earned an average recommendation of "Moderate Buy" from the fourteen ratings firms that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $29.64.

Several research analysts recently commented on ONB shares. Royal Bank Of Canada cut their price target on shares of Old National Bancorp from $29.00 to $28.00 and set a "sector perform" rating on the stock in a report on Friday, October 9th. National Bank Financial set a $32.00 price objective on shares of Old National Bancorp in a research report on Friday, September 11th. Barclays raised their target price on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Raymond James Financial upgraded shares of Old National Bancorp from a "market perform" rating to an "outperform" rating and set a $29.00 target price on the stock in a report on Tuesday, October 6th. Finally, Truist Financial upped their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th.

Hedge Funds Weigh In On Old National Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Old National Bancorp during the second quarter worth $1,215,819,000. Dimensional Fund Advisors LP increased its stake in Old National Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank's stock worth $395,193,000 after buying an additional 310,352 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in Old National Bancorp during the 2nd quarter worth $134,610,000. Bank of America Corp DE lifted its holdings in Old National Bancorp by 2.5% in the 1st quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank's stock worth $93,462,000 after buying an additional 102,956 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in shares of Old National Bancorp during the second quarter valued at about $99,283,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Old National Bancorp Stock Down 0.6%

Shares of NASDAQ ONB opened at $25.09 on Friday. Old National Bancorp has a 1 year low of $19.60 and a 1 year high of $27.36. The firm's 50 day moving average price is $25.22 and its 200 day moving average price is $24.61. The firm has a market cap of $9.60 billion, a P/E ratio of 10.24 and a beta of 0.86. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.93 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The bank reported $0.66 earnings per share for the quarter, meeting the consensus estimate of $0.66. Old National Bancorp had a return on equity of 12.02% and a net margin of 23.36%. The company had revenue of $720.39 million during the quarter, compared to the consensus estimate of $732.04 million. During the same period in the previous year, the firm posted $0.59 EPS. As a group, sell-side analysts anticipate that Old National Bancorp will post 2.57 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Saturday, September 5th were issued a dividend of $0.1450 per share. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, September 4th. Old National Bancorp's dividend payout ratio (DPR) is presently 23.67%.

Old National Bancorp Company Profile

Old National Bancorp NASDAQ: ONB is a regional financial services company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial solutions to individuals, families, businesses and institutions.

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.

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