Old National Bancorp (NASDAQ:ONB) Coverage Initiated at UBS Group

Equities research analysts at UBS Group began coverage on shares of Old National Bancorp (NASDAQ:ONB) in a report released on Tuesday, Marketbeat reports. The brokerage set a “buy” rating and a $32.00 price target on the bank’s stock. UBS Group’s price target would suggest a potential upside of 20.94% from the stock’s current price.

ONB has been the subject of a number of other reports. Barclays reaffirmed an “overweight” rating and issued a $31.00 target price on shares of Old National Bancorp in a report on Tuesday. Jefferies Financial Group upped their price target on shares of Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Wednesday, April 22nd. Truist Financial increased their target price on Old National Bancorp from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $28.55.

Old National Bancorp Price Performance

NASDAQ:ONB traded up $0.01 during trading hours on Tuesday, hitting $26.46. 151,991 shares of the stock were exchanged, compared to its average volume of 3,298,738. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $26.70. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89. The firm’s fifty day moving average price is $24.43 and its 200 day moving average price is $23.70. The company has a market cap of $10.22 billion, a P/E ratio of 13.65 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The business had revenue of $702.70 million during the quarter, compared to analysts’ expectations of $706.62 million. During the same period in the prior year, the business posted $0.45 EPS. The company’s revenue was up 44.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of Old National Bancorp by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock valued at $395,193,000 after acquiring an additional 310,352 shares during the last quarter. State Street Corp boosted its stake in Old National Bancorp by 5.6% in the third quarter. State Street Corp now owns 16,665,897 shares of the bank’s stock worth $365,816,000 after purchasing an additional 890,309 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Old National Bancorp by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock valued at $215,958,000 after buying an additional 91,341 shares during the last quarter. First Trust Advisors LP lifted its position in Old National Bancorp by 37.5% during the 4th quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank’s stock worth $160,381,000 after buying an additional 1,961,525 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Old National Bancorp by 69.8% during the fourth quarter. Morgan Stanley now owns 6,776,716 shares of the bank’s stock worth $151,189,000 after purchasing an additional 2,785,474 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.