Old National Bancorp (NASDAQ:ONB) Stock Rating Upgraded by Raymond James

Old National Bancorp (NASDAQ:ONB) was upgraded by investment analysts at Raymond James from a “market perform” rating to a “strong-buy” rating in a research report issued on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a $28.00 price target on the bank’s stock. Raymond James’ price target indicates a potential upside of 22.06% from the company’s previous close.

Several other research firms also recently issued reports on ONB. Barclays boosted their price target on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.38.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $22.94 on Tuesday. The stock has a market cap of $7.32 billion, a PE ratio of 13.90 and a beta of 0.82. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a 50-day moving average of $19.63 and a 200-day moving average of $18.52. Old National Bancorp has a 52-week low of $14.32 and a 52-week high of $23.76.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The firm had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. During the same period last year, the business posted $0.51 earnings per share. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Old National Bancorp will post 1.84 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. lifted its position in shares of Old National Bancorp by 147.3% in the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after purchasing an additional 4,303,071 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Old National Bancorp by 12.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after purchasing an additional 1,896,748 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Old National Bancorp by 6,650.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock valued at $21,931,000 after purchasing an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund grew its stake in Old National Bancorp by 469.7% during the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock worth $19,400,000 after purchasing an additional 857,158 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Old National Bancorp by 6.6% in the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after purchasing an additional 514,315 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Company Profile

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.