Old National Bancorp (NASDAQ:ONB) Earns Buy (B-) Rating from Weiss Ratings

Key Points

• Old National Bancorp received a "buy (B-)" rating from Weiss Ratings, indicating positive sentiment among investment analysts.
• Several financial institutions, including Piper Sandler and Truist Financial, have also raised their price targets for the stock, with targets ranging from $25.00 to $29.00.
• The company's recent quarterly earnings report showed an EPS of $0.53, surpassing expectations by $0.02, and demonstrating strong revenue performance with $633.41 million.

Old National Bancorp (NASDAQ:ONB - Get Free Report)'s stock had its "buy (b-)" rating reissued by investment analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

ONB has been the subject of several other reports. Piper Sandler restated an "overweight" rating and set a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Truist Financial boosted their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. TD Cowen began coverage on shares of Old National Bancorp in a report on Thursday, September 25th. They issued a "hold" rating and a $25.00 price target on the stock. Barclays set a $29.00 target price on shares of Old National Bancorp and gave the company an "overweight" rating in a research note on Wednesday. Finally, Royal Bank Of Canada boosted their target price on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Old National Bancorp currently has an average rating of "Moderate Buy" and an average price target of $26.36.

Old National Bancorp Stock Down 1.5%

Old National Bancorp stock opened at $21.89 on Wednesday. The stock has a market cap of $8.58 billion, a price-to-earnings ratio of 12.95 and a beta of 0.85. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. The company's 50-day moving average price is $21.98 and its two-hundred day moving average price is $21.37. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The company had revenue of $633.41 million during the quarter, compared to analyst estimates of $622.83 million. During the same quarter last year, the firm posted $0.46 EPS. On average, analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Institutional Trading of Old National Bancorp

A number of large investors have recently bought and sold shares of the business. Nuveen LLC bought a new position in shares of Old National Bancorp during the 1st quarter worth approximately $22,463,000. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of Old National Bancorp by 1.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 17,942,513 shares of the bank's stock valued at $380,202,000 after buying an additional 216,188 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Old National Bancorp by 161.3% in the 1st quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock valued at $41,742,000 after buying an additional 1,216,004 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Old National Bancorp by 44.0% in the 1st quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock valued at $127,000 after buying an additional 1,837 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its holdings in Old National Bancorp by 20.8% during the 1st quarter. Teacher Retirement System of Texas now owns 73,033 shares of the bank's stock valued at $1,548,000 after purchasing an additional 12,596 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

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.

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