Old National Bancorp (NASDAQ:ONB) Earns Buy Rating from Analysts at Truist Financial

Truist Financial started coverage on shares of Old National Bancorp (NASDAQ:ONB) in a report released on Tuesday morning, Marketbeat.com reports. The firm issued a buy rating and a $26.00 target price on the bank’s stock.

Other analysts also recently issued reports about the stock. Raymond James decreased their price objective on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, April 2nd. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, April 23rd. Stephens reiterated an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Monday, April 14th. Citigroup reduced their price target on shares of Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Finally, Royal Bank of Canada reduced their price target on shares of Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $25.67.

Old National Bancorp Stock Down 1.1%

Shares of ONB stock opened at $22.32 on Tuesday. The company has a market capitalization of $7.14 billion, a price-to-earnings ratio of 13.29 and a beta of 0.85. Old National Bancorp has a one year low of $15.60 and a one year high of $24.49. The company’s fifty day moving average price is $20.50 and its 200-day moving average price is $21.73. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.42 by $0.03. The firm had revenue of $486.87 million for the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. Sell-side analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Thursday, June 5th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.51%. Old National Bancorp’s payout ratio is currently 32.56%.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Lee Danner & Bass Inc. purchased a new position in shares of Old National Bancorp during the 4th quarter worth about $25,000. Empowered Funds LLC purchased a new position in shares of Old National Bancorp during the 4th quarter worth about $28,000. Summit Securities Group LLC purchased a new position in shares of Old National Bancorp during the 1st quarter worth about $32,000. UMB Bank n.a. boosted its stake in shares of Old National Bancorp by 58.9% during the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after purchasing an additional 663 shares during the period. Finally, USA Financial Formulas purchased a new position in shares of Old National Bancorp during the 1st quarter worth about $50,000. 83.66% of the stock is owned by hedge funds and other 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.