Old National Bancorp (NASDAQ:ONB) Upgraded at Truist Financial

Truist Financial upgraded shares of Old National Bancorp (NASDAQ:ONB - Free Report) to a strong-buy rating in a report released on Monday, May 12th,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Royal Bank of Canada reduced their price objective on Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. StockNews.com raised shares of Old National Bancorp from a "sell" rating to a "hold" rating in a report on Wednesday, April 23rd. Citigroup cut their price objective on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Raymond James reduced their target price on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 2nd. Finally, Barclays lowered their price target 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. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $25.67.

Old National Bancorp Stock Performance

NASDAQ:ONB traded down $0.24 during midday trading on Monday, reaching $21.69. The stock had a trading volume of 571,797 shares, compared to its average volume of 2,527,287. The stock has a market capitalization of $6.94 billion, a P/E ratio of 12.91 and a beta of 0.85. Old National Bancorp has a 1-year low of $15.60 and a 1-year high of $24.49. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. The firm's fifty day simple moving average is $20.57 and its 200-day simple moving average is $21.81.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. The company had revenue of $486.87 million for the quarter, compared to the consensus estimate of $478.37 million. On average, equities research analysts forecast that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Thursday, June 5th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.58%. Old National Bancorp's payout ratio is presently 32.56%.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Old National Bancorp by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank's stock worth $736,261,000 after buying an additional 290,005 shares during the last quarter. 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 worth $380,202,000 after acquiring an additional 216,188 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Old National Bancorp by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 17,290,139 shares of the bank's stock worth $366,370,000 after acquiring an additional 183,850 shares during the last quarter. Wellington Management Group LLP grew its position in 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 worth $189,374,000 after acquiring an additional 7,872,318 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Old National Bancorp by 4.5% during the 4th quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank's stock valued at $163,899,000 after purchasing an additional 326,135 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

About Old National Bancorp

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.