TD Cowen Forecasts Strong Price Appreciation for Old National Bancorp (NASDAQ:ONB) Stock

Old National Bancorp (NASDAQ:ONB) had its price objective lifted by equities research analysts at TD Cowen from $26.00 to $27.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the bank’s stock. TD Cowen’s target price points to a potential upside of 15.58% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the company. Piper Sandler reissued an “overweight” rating and set a $26.00 price target (down previously from $27.00) on shares of Old National Bancorp in a research report on Thursday, October 23rd. Barclays set a $29.00 price objective on Old National Bancorp and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a research report on Monday, December 29th. UBS Group assumed coverage on shares of Old National Bancorp in a report on Monday, December 15th. They issued a “neutral” rating and a $25.00 price target on the stock. Finally, Truist Financial decreased their price objective on shares of Old National Bancorp from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $26.09.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $23.36 on Wednesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market capitalization of $9.13 billion, a price-to-earnings ratio of 13.66 and a beta of 0.84. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. The company has a 50 day moving average price of $21.97 and a 200 day moving average price of $21.86.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, February 1st. The bank reported $0.46 earnings per share (EPS) for the quarter. The company had revenue of $222.80 million during the quarter. Old National Bancorp had a net margin of 17.39% and a return on equity of 10.42%. Sell-side analysts anticipate that Old National Bancorp will post 2.08 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Old National Bancorp by 4.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 24,133 shares of the bank’s stock valued at $549,000 after buying an additional 1,124 shares during the last quarter. Boston Partners lifted its holdings in Old National Bancorp by 0.9% in the second quarter. Boston Partners now owns 1,895,273 shares of the bank’s stock worth $40,307,000 after acquiring an additional 17,033 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Old National Bancorp by 863.6% in the second quarter. Y Intercept Hong Kong Ltd now owns 154,299 shares of the bank’s stock valued at $3,293,000 after acquiring an additional 138,287 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Old National Bancorp by 2.8% during the second quarter. Bank of New York Mellon Corp now owns 3,488,836 shares of the bank’s stock valued at $74,452,000 after purchasing an additional 93,959 shares during the last quarter. Finally, Signaturefd LLC raised its position 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 purchasing an additional 609 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.