Old National Bancorp (NASDAQ:ONB) Given New $29.00 Price Target at Truist Financial

Old National Bancorp (NASDAQ:ONB) had its price objective increased by equities researchers at Truist Financial from $28.00 to $29.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. Truist Financial’s price objective suggests a potential upside of 9.81% from the stock’s current price.

Several other analysts also recently weighed in on ONB. Royal Bank Of Canada increased their target price on Old National Bancorp from $28.00 to $29.00 and gave the company a “sector perform” rating in a research note on Thursday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Citigroup upped their price target on Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Friday. Weiss Ratings restated a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Finally, UBS Group started coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 target price on the stock. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and an average target price of $29.36.

Old National Bancorp Stock Down 0.3%

Old National Bancorp stock opened at $26.41 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.90. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.32. The firm has a fifty day moving average price of $25.19 and a two-hundred day moving average price of $24.06. The firm has a market cap of $10.20 billion, a price-to-earnings ratio of 11.74 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. The company had revenue of $726.86 million for the quarter, compared to the consensus estimate of $716.25 million. Old National Bancorp had a return on equity of 16.16% and a net margin of 21.60%.The firm’s revenue was up 13.2% compared to the same quarter last year. During the same period last year, the business posted $0.53 earnings per share. As a group, analysts forecast that Old National Bancorp will post 2.58 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Kemnay Advisory Services Inc. acquired a new stake in shares of Old National Bancorp in the 4th quarter valued at $27,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Old National Bancorp during the 4th quarter worth about $28,000. Los Angeles Capital Management LLC bought a new position in Old National Bancorp during the 4th quarter valued at about $36,000. Peterson Wealth Services boosted its position in Old National Bancorp by 9,711.8% in the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock valued at $37,000 after buying an additional 1,651 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in Old National Bancorp during the 2nd quarter worth about $49,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.