Old National Bancorp (NASDAQ:ONB) Given New $25.00 Price Target at Royal Bank of Canada

Old National Bancorp (NASDAQ:ONB) had its price objective increased by Royal Bank of Canada from $24.00 to $25.00 in a research note published on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the bank’s stock.

ONB has been the topic of several other reports. Piper Sandler reiterated an “overweight” rating and issued a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a report on Tuesday. Barclays increased their target price on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday. StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday, November 25th. Finally, Keefe, Bruyette & Woods increased their target price on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday. 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Stock Up 0.1 %

Shares of NASDAQ ONB opened at $23.16 on Tuesday. The stock has a market cap of $7.39 billion, a P/E ratio of 14.04 and a beta of 0.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 12-month low of $14.63 and a 12-month high of $23.76. The business’s fifty day simple moving average is $19.87 and its 200-day simple moving average is $18.63.

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 the consensus estimate of $0.46. The business had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period last year, the firm earned $0.51 earnings per share. As a group, equities analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s payout ratio is 33.94%.

Hedge Funds Weigh In On Old National Bancorp

Hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC grew its holdings in shares of Old National Bancorp by 1,766.7% during the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after purchasing an additional 1,325 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Old National Bancorp by 194.8% during the second 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. HHM Wealth Advisors LLC purchased a new position in shares of Old National Bancorp during the second quarter worth about $28,000. LRI Investments LLC purchased a new position in shares of Old National Bancorp during the first quarter worth about $48,000. Finally, Quest Partners LLC purchased a new position in shares of Old National Bancorp during the third quarter worth about $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.