Old National Bancorp (NASDAQ:ONB) Given "Buy (B-)" Rating at Weiss Ratings

Key Points

• Old National Bancorp's stock has been given a "Buy (B-)" rating by Weiss Ratings, indicating a positive outlook for investors.
• Analysts have varying price targets for the stock, with estimates ranging from $24.00 to $29.00, reflecting robust interest in Old National Bancorp among institutional investors.
• The company reported a quarterly earnings per share (EPS) of $0.46 and has a significant return on equity of 14.95%, showcasing its financial health.

Old National Bancorp (NASDAQ:ONB - Get Free Report)'s stock had its "buy (b-)" rating reiterated by equities researchers at Weiss Ratings in a research note issued on Saturday,Weiss Ratings reports.

ONB has been the subject of several other research reports. Truist Financial cut their price target on Old National Bancorp from $27.00 to $26.00 and set a "buy" rating for the company in a report on Thursday. Barclays set a $29.00 price target on Old National Bancorp and gave the company an "overweight" rating in a report on Wednesday, October 8th. TD Cowen began coverage on Old National Bancorp in a report on Thursday, September 25th. They set a "hold" rating and a $25.00 price target for the company. Piper Sandler reaffirmed an "overweight" rating and set a $26.00 price target (down previously from $27.00) on shares of Old National Bancorp in a report on Thursday. Finally, Royal Bank Of Canada raised their price target on Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $26.18.

Old National Bancorp Trading Up 2.1%

NASDAQ ONB opened at $21.05 on Friday. The company has a market cap of $8.25 billion, a PE ratio of 12.31 and a beta of 0.85. The company has a current ratio of 0.91, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49. The stock has a 50 day moving average of $21.94 and a 200-day moving average of $21.44.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data on Tuesday, February 1st. The bank reported $0.46 EPS for the quarter. Old National Bancorp had a return on equity of 14.95% and a net margin of 17.39%.The company had revenue of $222.80 million during the quarter. On average, equities research analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Summit Securities Group LLC bought a new position in shares of Old National Bancorp in the first quarter worth $32,000. Hantz Financial Services Inc. increased its position in shares of Old National Bancorp by 310.7% in the second quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank's stock worth $33,000 after purchasing an additional 1,159 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Old National Bancorp in the first quarter worth $51,000. Signaturefd LLC increased its position in shares of Old National Bancorp by 22.7% in the second quarter. Signaturefd LLC now owns 3,297 shares of the bank's stock worth $70,000 after purchasing an additional 609 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in shares of Old National Bancorp by 794.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the bank's stock worth $76,000 after purchasing an additional 3,169 shares during the period. Institutional investors 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.

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