Old National Bancorp (NASDAQ:ONB) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Old National Bancorp (NASDAQ:ONB) has a consensus rating of "Moderate Buy", with four analysts rating it as a hold, six as buy, and one as a strong buy.
• The average 1-year target price for ONB stock is currently $26.27, while shares opened at $21.86.
• The company recently reported earnings of $0.53 EPS, exceeding analysts' expectations, and also announced a quarterly dividend of $0.14 per share.

Old National Bancorp (NASDAQ:ONB - Get Free Report) has received a consensus rating of "Moderate Buy" from the eleven brokerages that are currently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $26.2727.

A number of brokerages have recently commented on ONB. Piper Sandler reissued an "overweight" rating and issued a $27.00 price objective (up previously from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. Cowen initiated coverage on shares of Old National Bancorp in a report on Wednesday. They set a "hold" rating on the stock. Royal Bank Of Canada boosted their target price on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 23rd. Truist Financial boosted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, TD Cowen initiated coverage on shares of Old National Bancorp in a report on Thursday. They set a "hold" rating and a $25.00 target price on the stock.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors have recently added to or reduced their stakes in the company. Caldwell Trust Co acquired a new position in Old National Bancorp during the second quarter worth $228,000. Valeo Financial Advisors LLC increased its holdings in shares of Old National Bancorp by 2,814.5% in the second quarter. Valeo Financial Advisors LLC now owns 749,511 shares of the bank's stock valued at $15,995,000 after purchasing an additional 723,794 shares during the last quarter. Orion Porfolio Solutions LLC acquired a new position in shares of Old National Bancorp in the second quarter valued at $486,000. Squarepoint Ops LLC increased its holdings in shares of Old National Bancorp by 345.2% in the second quarter. Squarepoint Ops LLC now owns 104,126 shares of the bank's stock valued at $2,222,000 after purchasing an additional 80,737 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Old National Bancorp by 439.7% in the second quarter. Thrivent Financial for Lutherans now owns 2,595,144 shares of the bank's stock valued at $55,380,000 after purchasing an additional 2,114,266 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $21.86 on Friday. The company's fifty day simple moving average is $21.95 and its 200-day simple moving average is $21.30. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. The firm has a market cap of $8.57 billion, a PE ratio of 12.93 and a beta of 0.89. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49.

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

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, September 5th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, September 5th. Old National Bancorp's payout ratio is presently 33.14%.

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.

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