Old National Bancorp (NASDAQ:ONB) Receives “Overweight” Rating from Piper Sandler

Piper Sandler restated their overweight rating on shares of Old National Bancorp (NASDAQ:ONB) in a research report report published on Tuesday morning,Benzinga reports. Piper Sandler currently has a $27.00 target price on the bank’s stock, up from their previous target price of $23.00.

A number of other analysts also recently issued reports on ONB. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday, November 25th. Raymond James upgraded shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target for the company in a research note on Tuesday. Finally, Barclays lifted their price target on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.44.

Old National Bancorp Stock Performance

ONB stock opened at $23.16 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The firm has a market cap of $7.39 billion, a PE ratio of 14.04 and a beta of 0.82. The business has a 50 day moving average of $19.87 and a 200-day moving average of $18.63. Old National Bancorp has a 12-month low of $14.63 and a 12-month high of $23.76.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The firm had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.51 EPS. As a group, sell-side analysts expect that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 33.94%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its holdings in Old National Bancorp by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 172,646 shares of the bank’s stock worth $3,006,000 after purchasing an additional 10,990 shares in the last quarter. Tidal Investments LLC increased its position in shares of Old National Bancorp by 11.0% during the first quarter. Tidal Investments LLC now owns 13,273 shares of the bank’s stock valued at $231,000 after buying an additional 1,316 shares during the period. Comerica Bank lifted its holdings in shares of Old National Bancorp by 11.9% in the first quarter. Comerica Bank now owns 299,561 shares of the bank’s stock worth $5,215,000 after buying an additional 31,937 shares in the last quarter. EMC Capital Management boosted its position in shares of Old National Bancorp by 13.9% in the first quarter. EMC Capital Management now owns 22,445 shares of the bank’s stock valued at $391,000 after acquiring an additional 2,735 shares during the period. Finally, LRI Investments LLC bought a new position in shares of Old National Bancorp in the first quarter valued at approximately $48,000. 83.66% of the stock is owned by 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.