UBS Group Initiates Coverage on Old National Bancorp (NASDAQ:ONB)

Equities research analysts at UBS Group began coverage on shares of Old National Bancorp (NASDAQ:ONB) in a research note issued on Monday, MarketBeat.com reports. The brokerage set a “hold” rating and a $25.00 price target on the bank’s stock. UBS Group’s target price would indicate a potential upside of 7.58% from the stock’s previous close.

A number of other equities analysts also recently weighed in on ONB. Cowen reaffirmed a “hold” rating on shares of Old National Bancorp in a research note on Monday, October 27th. Barclays set a $29.00 target price on shares of Old National Bancorp and gave the stock an “overweight” rating in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research note on Monday. TD Cowen increased their price objective on Old National Bancorp from $25.00 to $26.00 and gave the company a “hold” rating in a report on Monday, October 27th. Finally, Truist Financial decreased their target price on Old National Bancorp from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Old National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

Old National Bancorp Stock Up 1.5%

Shares of ONB stock traded up $0.35 on Monday, reaching $23.24. 214,634 shares of the company’s stock traded hands, compared to its average volume of 3,430,830. The business’s 50 day moving average price is $21.23 and its two-hundred day moving average price is $21.62. The company has a market capitalization of $9.08 billion, a P/E ratio of 13.60 and a beta of 0.84. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.91 and a current ratio of 0.91. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, February 1st. The bank reported $0.46 earnings per share for the quarter. Old National Bancorp had a return on equity of 10.42% and a net margin of 17.39%.The company had revenue of $222.80 million for the quarter. On average, equities analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current year.

Institutional Trading of Old National Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. OLD National Bancorp IN increased its holdings in shares of Old National Bancorp by 2,525.9% during the second quarter. OLD National Bancorp IN now owns 44,844,379 shares of the bank’s stock worth $956,979,000 after buying an additional 43,136,619 shares in the last quarter. Norges Bank bought a new position in Old National Bancorp in the 2nd quarter valued at $79,396,000. Vanguard Group Inc. boosted its stake in Old National Bancorp by 10.1% in the third quarter. Vanguard Group Inc. now owns 36,813,066 shares of the bank’s stock worth $808,047,000 after purchasing an additional 3,379,577 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Old National Bancorp by 104.6% in the third quarter. First Trust Advisors LP now owns 5,227,241 shares of the bank’s stock valued at $114,738,000 after buying an additional 2,672,319 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in shares of Old National Bancorp by 439.7% in the second quarter. Thrivent Financial for Lutherans now owns 2,595,144 shares of the bank’s stock valued at $55,380,000 after buying an additional 2,114,266 shares during the last quarter. 83.66% of the stock is currently owned by 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.