Royal Bank Of Canada Raises Old National Bancorp (NASDAQ:ONB) Price Target to $24.00

Old National Bancorp (NASDAQ:ONB - Get Free Report) had its price objective upped by equities researchers at Royal Bank Of Canada from $23.00 to $24.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the bank's stock. Royal Bank Of Canada's price target would indicate a potential upside of 10.85% from the stock's previous close.

Several other research analysts have also recently weighed in on the stock. Stephens reaffirmed an "overweight" rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Monday, April 14th. Barclays increased their target price on Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Wall Street Zen raised Old National Bancorp from a "sell" rating to a "hold" rating in a research note on Wednesday, April 23rd. Citigroup reduced their target price on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Finally, National Bankshares set a $24.00 target price on Old National Bancorp in a research note on Tuesday, May 20th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock traded up $0.13 during trading on Wednesday, hitting $21.65. The stock had a trading volume of 3,506,231 shares, compared to its average volume of 3,582,881. The firm has a market cap of $6.92 billion, a price-to-earnings ratio of 12.81 and a beta of 0.85. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49. The business's 50-day moving average is $21.55 and its 200 day moving average is $21.66. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.82.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.02. The firm had revenue of $633.41 million for the quarter, compared to analysts' expectations of $622.83 million. Old National Bancorp had a net margin of 17.67% and a return on equity of 14.61%. During the same quarter in the prior year, the firm posted $0.46 earnings per share. As a group, sell-side analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Institutional Trading of Old National Bancorp

Several institutional investors have recently added to or reduced their stakes in ONB. OLD National Bancorp IN boosted its holdings in shares of Old National Bancorp by 2,525.9% during the second quarter. OLD National Bancorp IN now owns 44,844,379 shares of the bank's stock worth $956,979,000 after purchasing an additional 43,136,619 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Old National Bancorp by 923.4% during the fourth quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank's stock worth $189,374,000 after purchasing an additional 7,872,318 shares during the period. Millennium Management LLC boosted its holdings in shares of 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 worth $104,096,000 after purchasing an additional 4,751,923 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of Old National Bancorp during the fourth quarter worth about $78,293,000. Finally, Norges Bank purchased a new stake in shares of Old National Bancorp during the fourth quarter worth about $76,684,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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.