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

Equities researchers at UBS Group started coverage on shares of Old National Bancorp (NASDAQ:ONB) in a report released on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $32.00 price target on the bank’s stock. UBS Group’s target price points to a potential upside of 20.94% from the stock’s current price.

ONB has been the topic of a number of other reports. Stephens raised their price objective on Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Barclays reissued an “overweight” rating and set a $31.00 price target on shares of Old National Bancorp in a research note on Tuesday. Truist Financial boosted their price objective on Old National Bancorp from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Finally, Keefe, Bruyette & Woods boosted their target price on Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.55.

Old National Bancorp Stock Up 0.0%

ONB traded up $0.01 during trading on Tuesday, reaching $26.46. 151,991 shares of the stock traded hands, compared to its average volume of 3,298,738. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.94 and a quick ratio of 0.93. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $26.70. The stock’s 50-day simple moving average is $24.43 and its two-hundred day simple moving average is $23.70. The stock has a market cap of $10.22 billion, a price-to-earnings ratio of 13.65 and a beta of 0.83.

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

Institutional Trading of Old National Bancorp

Several hedge funds have recently bought and sold shares of the business. Comerica Bank raised its holdings in Old National Bancorp by 27.8% during the 4th quarter. Comerica Bank now owns 263,057 shares of the bank’s stock valued at $5,869,000 after buying an additional 57,152 shares during the last quarter. Stieven Capital Advisors L.P. boosted its stake in Old National Bancorp by 17.5% during the 3rd quarter. Stieven Capital Advisors L.P. now owns 507,634 shares of the bank’s stock valued at $11,143,000 after purchasing an additional 75,700 shares during the last quarter. Algebris UK Ltd. lifted its holdings in shares of Old National Bancorp by 57.9% during the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank’s stock valued at $41,160,000 after buying an additional 675,873 shares during the period. SG Americas Securities LLC purchased a new position in shares of Old National Bancorp in the fourth quarter worth approximately $22,495,000. Finally, Ruffer LLP purchased a new position in shares of Old National Bancorp during the 4th quarter valued at $2,871,000. 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.