Truist Financial Forecasts Strong Price Appreciation for Old National Bancorp (NASDAQ:ONB) Stock

Old National Bancorp (NASDAQ:ONB) had its price objective boosted by analysts at Truist Financial from $26.00 to $27.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Truist Financial’s price objective indicates a potential upside of 15.28% from the stock’s current price.

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

Old National Bancorp Stock Performance

ONB stock traded down $0.12 during midday trading on Monday, reaching $23.42. The stock had a trading volume of 614,287 shares, compared to its average volume of 2,746,076. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a fifty day simple moving average of $22.52 and a two-hundred day simple moving average of $21.97. The stock has a market cap of $9.15 billion, a PE ratio of 13.08 and a beta of 0.84. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.77.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.03. The firm had revenue of $714.50 million during the quarter, compared to analysts’ expectations 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 period last year, the business posted $0.49 earnings per share. As a group, equities research analysts anticipate that Old National Bancorp will post 2.08 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. CWM LLC grew its stake in Old National Bancorp by 3.1% in the 4th quarter. CWM LLC now owns 92,055 shares of the bank’s stock valued at $2,054,000 after acquiring an additional 2,789 shares during the period. Yorktown Management & Research Co Inc acquired a new position in Old National Bancorp during the fourth quarter worth $316,000. Prime Capital Investment Advisors LLC purchased a new position in Old National Bancorp during the fourth quarter valued at $202,000. Greenleaf Trust purchased a new position in Old National Bancorp during the fourth quarter valued at $215,000. Finally, Flagship Harbor Advisors LLC purchased a new position in Old National Bancorp during the fourth quarter valued at $28,000. 83.66% of the stock is owned by institutional investors and hedge funds.

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.