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

Old National Bancorp (NASDAQ:ONB - Get Free Report)'s stock had its "overweight" rating reaffirmed by research analysts at Stephens in a report issued on Monday,Benzinga reports. They currently have a $27.00 price target on the bank's stock. Stephens' price target points to a potential upside of 37.83% from the company's previous close.

Several other research analysts also recently weighed in on ONB. Barclays lowered their target price on Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Raymond James cut their price objective on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research report on Wednesday, April 2nd. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $26.00 price target (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Old National Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $25.71.

Old National Bancorp Stock Performance

NASDAQ ONB traded up $0.13 on Monday, reaching $19.59. The stock had a trading volume of 4,943,720 shares, compared to its average volume of 2,432,454. The stock has a market cap of $6.25 billion, a P/E ratio of 11.66 and a beta of 0.82. Old National Bancorp has a 12-month low of $15.60 and a 12-month high of $24.49. The business's 50-day moving average price is $21.26 and its 200 day moving average price is $21.42. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, topping 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 10.13%. During the same quarter in the prior year, the company posted $0.46 EPS. As a group, equities analysts expect that Old National Bancorp will post 2.08 earnings per share for the current year.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP grew its stake in shares of Old National Bancorp by 923.4% during the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank's stock valued at $189,374,000 after buying an additional 7,872,318 shares during the period. Millennium Management LLC grew its position in Old National Bancorp by 10,795.2% during the fourth quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock valued at $104,096,000 after acquiring an additional 4,751,923 shares during the period. Alyeska Investment Group L.P. acquired a new stake in Old National Bancorp during the fourth quarter worth about $78,293,000. Norges Bank purchased a new position in shares of Old National Bancorp in the 4th quarter worth about $76,684,000. Finally, William Blair Investment Management LLC lifted its stake in shares of Old National Bancorp by 172.1% in the 4th quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank's stock valued at $119,236,000 after purchasing an additional 3,474,578 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

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.