Brokerages Set Old National Bancorp (NASDAQ:ONB) Target Price at $26.40

Key Points

• Old National Bancorp has received a consensus rating of "Moderate Buy" from nine research firms, with an average twelve-month price target of $26.40.
• Recent institutional trading shows significant interest, with 83.66% of the stock owned by hedge funds and other institutional investors, indicating strong institutional confidence.
• The company reported a quarterly earnings of $0.53 per share, surpassing the consensus estimate, and declared a quarterly dividend of $0.14 per share with a yield of 2.7%.

Shares of Old National Bancorp (NASDAQ:ONB - Get Free Report) have been given a consensus rating of "Moderate Buy" by the nine analysts that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $26.40.

ONB has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Old National Bancorp from a "sell" rating to a "hold" rating in a report on Wednesday, April 23rd. 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. Stephens reissued an "overweight" rating and set a $27.00 target price on shares of Old National Bancorp in a research note on Monday, April 14th. Piper Sandler restated an "overweight" rating and set a $27.00 target price (up from $26.00) on shares of Old National Bancorp in a report on Wednesday, July 23rd. Finally, Truist Financial upped their price target on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th.

Old National Bancorp Price Performance

ONB traded down $0.25 during trading on Thursday, reaching $20.47. The stock had a trading volume of 1,773,906 shares, compared to its average volume of 3,523,510. The stock has a 50 day moving average of $21.52 and a two-hundred day moving average of $21.60. 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 capitalization of $8.02 billion, a price-to-earnings ratio of 12.11 and a beta of 0.86. Old National Bancorp has a 1-year low of $16.83 and a 1-year 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 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.02. Old National Bancorp had a return on equity of 9.92% and a net margin of 17.67%. The business had revenue of $633.41 million during the quarter, compared to analyst estimates of $622.83 million. During the same quarter in the prior year, the firm posted $0.46 earnings per share. As a group, equities analysts anticipate 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, June 16th. Shareholders of record on Thursday, June 5th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, June 5th. Old National Bancorp's payout ratio is 33.14%.

Institutional Trading of Old National Bancorp

Several large investors have recently added to or reduced their stakes in ONB. OLD National Bancorp IN lifted its position in Old National Bancorp by 2,525.9% in the 2nd quarter. OLD National Bancorp IN now owns 44,844,379 shares of the bank's stock worth $956,979,000 after buying an additional 43,136,619 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Old National Bancorp by 10,795.2% during the 4th 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 in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Old National Bancorp in the fourth quarter worth $78,293,000. The Manufacturers Life Insurance Company raised its holdings in shares of Old National Bancorp by 155.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,036,909 shares of the bank's stock worth $65,916,000 after acquiring an additional 1,850,249 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Old National Bancorp by 161.3% during the first quarter. Invesco Ltd. now owns 1,969,870 shares of the bank's stock worth $41,742,000 after acquiring an additional 1,216,004 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

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.