Old National Bancorp (NASDAQ:ONB) Raised to “Strong-Buy” at Truist Financial

Old National Bancorp (NASDAQ:ONB) was upgraded by investment analysts at Truist Financial to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other analysts have also recently commented on ONB. Citigroup cut their target price on Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Raymond James cut their target price on 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. Stephens reiterated an “overweight” rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Monday, April 14th. Royal Bank of Canada cut their target price on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Finally, Barclays cut their target price on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $25.67.

Old National Bancorp Trading Up 0.5%

NASDAQ:ONB opened at $22.57 on Monday. Old National Bancorp has a 12-month low of $15.60 and a 12-month high of $24.49. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The firm has a market cap of $7.22 billion, a PE ratio of 13.43 and a beta of 0.85. The stock has a fifty day moving average price of $20.46 and a 200 day moving average price of $21.71.

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

Institutional Investors Weigh In On Old National Bancorp

Institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its holdings in Old National Bancorp by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,677,013 shares of the bank’s stock valued at $79,810,000 after purchasing an additional 47,149 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in Old National Bancorp in the 4th quarter valued at approximately $209,000. Raymond James Financial Inc. purchased a new stake in Old National Bancorp in the 4th quarter valued at approximately $19,708,000. KBC Group NV boosted its holdings in Old National Bancorp by 33.5% in the 4th quarter. KBC Group NV now owns 13,067 shares of the bank’s stock valued at $284,000 after purchasing an additional 3,278 shares in the last quarter. Finally, Choreo LLC purchased a new stake in Old National Bancorp in the 4th quarter valued at approximately $511,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.