Old National Bancorp’s (ONB) Overweight Rating Reaffirmed at Piper Sandler

Old National Bancorp (NASDAQ:ONB)‘s stock had its “overweight” rating restated by equities research analysts at Piper Sandler in a report released on Tuesday,Benzinga reports. They currently have a $27.00 price objective on the bank’s stock, up from their prior price objective of $23.00. Piper Sandler’s price objective would suggest a potential upside of 17.70% from the stock’s current price.

Several other equities analysts also recently weighed in on the company. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research report on Tuesday. Barclays lifted their price objective on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Finally, StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Two research 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $22.00.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $22.94 on Tuesday. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $23.76. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. The company has a 50 day moving average price of $19.63 and a 200 day moving average price of $18.52. The stock has a market capitalization of $7.32 billion, a P/E ratio of 13.90 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. During the same period last year, the business posted $0.51 earnings per share. The company’s quarterly revenue was up 6.5% on a year-over-year basis. Equities research analysts forecast that Old National Bancorp will post 1.84 EPS for the current year.

Hedge Funds Weigh In On Old National Bancorp

Several large investors have recently bought and sold shares of ONB. GAMMA Investing LLC lifted its holdings in Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after buying an additional 1,005 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after acquiring an additional 1,325 shares in the last quarter. HHM Wealth Advisors LLC purchased a new stake in Old National Bancorp during the second quarter worth approximately $28,000. LRI Investments LLC acquired a new position in Old National Bancorp in the first quarter valued at approximately $48,000. Finally, Quest Partners LLC acquired a new position in Old National Bancorp in the third quarter valued at approximately $91,000. Hedge funds and other institutional investors 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.