TD Cowen Initiates Coverage on Old National Bancorp (NASDAQ:ONB)

Key Points

• TD Cowen has initiated coverage on Old National Bancorp (NASDAQ:ONB) with a "hold" rating and a price target of $25.00, indicating a potential upside of 13.38% from its previous close.
• Other brokerages have recently adjusted their targets for ONB, with Barclays setting a new price target of $28.00 and giving an "overweight" rating.
• Old National Bancorp reported $0.53 EPS in its latest quarterly earnings, surpassing analyst expectations and reflecting strong revenue of $633.41 million.

Stock analysts at TD Cowen assumed coverage on shares of Old National Bancorp (NASDAQ:ONB - Get Free Report) in a research note issued on Thursday,Briefing.com Automated Import reports. The firm set a "hold" rating and a $25.00 price target on the bank's stock. TD Cowen's price target indicates a potential upside of 13.38% from the company's previous close.

A number of other brokerages have also recently issued reports on ONB. Barclays upped their target price on Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada upped their target price on Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 23rd. Truist Financial upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $27.00 price target (up from $26.00) on shares of Old National Bancorp in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $26.27.

Old National Bancorp Trading Down 0.9%

NASDAQ:ONB opened at $22.05 on Thursday. The stock has a market cap of $8.64 billion, a PE ratio of 13.05 and a beta of 0.89. The stock's 50-day moving average is $21.97 and its two-hundred day moving average is $21.29. Old National Bancorp has a fifty-two week low of $16.83 and a fifty-two week high of $24.49. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.92.

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

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds have recently added to or reduced their stakes in ONB. Summit Securities Group LLC acquired a new stake in shares of Old National Bancorp during the first quarter worth about $32,000. Hantz Financial Services Inc. increased its position in shares of Old National Bancorp by 310.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank's stock worth $33,000 after purchasing an additional 1,159 shares during the last quarter. USA Financial Formulas acquired a new position in shares of Old National Bancorp during the 1st quarter worth approximately $50,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Old National Bancorp during the 1st quarter worth approximately $51,000. Finally, Signaturefd LLC boosted its stake in shares of Old National Bancorp by 22.7% during the 2nd quarter. Signaturefd LLC now owns 3,297 shares of the bank's stock worth $70,000 after acquiring an additional 609 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

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.

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