Old National Bancorp (NASDAQ:ONB) Stock Price Expected to Rise, Truist Financial Analyst Says

Old National Bancorp (NASDAQ:ONB) had its price target raised by research analysts at Truist Financial from $26.00 to $27.00 in a note issued to investors on Monday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the bank’s stock. Truist Financial’s price target would indicate a potential upside of 13.07% from the stock’s previous close.

Other analysts also recently issued reports about the company. Stephens upped their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Thursday, January 22nd. UBS Group assumed coverage on shares of Old National Bancorp in a research report on Monday, December 15th. They set a “neutral” rating and a $25.00 target price on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Old National Bancorp in a research note on Monday, December 29th. Piper Sandler reaffirmed an “overweight” rating and issued a $26.00 target price (down from $27.00) on shares of Old National Bancorp in a research note on Thursday, October 23rd. Finally, TD Cowen upgraded Old National Bancorp from a “hold” rating to a “buy” rating and increased their price objective for the stock from $27.00 to $30.00 in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.27.

Old National Bancorp Stock Performance

ONB stock opened at $23.88 on Monday. The business’s 50-day moving average price is $22.68 and its two-hundred day moving average price is $21.98. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.80. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $24.77. The firm has a market cap of $9.33 billion, a PE ratio of 13.34 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. The firm had revenue of $714.50 million during the quarter, compared to the consensus estimate of $705.62 million. Old National Bancorp had a return on equity of 15.06% and a net margin of 17.91%.During the same quarter in the prior year, the firm posted $0.49 EPS. As a group, research analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

Hedge Funds Weigh In On Old National Bancorp

Hedge funds have recently made changes to their positions in the business. MAI Capital Management increased its stake in shares of Old National Bancorp by 156.8% in the third quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock worth $25,000 after buying an additional 704 shares during the last quarter. Covestor Ltd lifted its position in shares of Old National Bancorp by 157.0% during the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock valued at $27,000 after acquiring an additional 755 shares during the last quarter. Rothschild Investment LLC raised its holdings in shares of Old National Bancorp by 72.3% during the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock valued at $28,000 after acquiring an additional 535 shares during the period. Flagship Harbor Advisors LLC purchased a new position in Old National Bancorp during the 4th quarter valued at about $28,000. Finally, Hantz Financial Services Inc. increased its stake in shares of Old National Bancorp by 310.7% in the second quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank’s stock worth $33,000 after acquiring an additional 1,159 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

About Old National Bancorp

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.