Old National Bancorp’s (ONB) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Old National Bancorp (NASDAQ:ONB) in a report released on Wednesday,Benzinga reports. Royal Bank of Canada currently has a $26.00 price target on the bank’s stock, up from their prior price target of $24.00.

ONB has been the topic of a number of other reports. Barclays boosted their price objective on Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Piper Sandler reaffirmed an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Stephens reiterated an “overweight” rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday. Finally, Raymond James restated a “strong-buy” rating and issued a $29.00 price target (up from $28.00) on shares of Old National Bancorp in a report on Wednesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.38.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $23.44 on Wednesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a fifty-two week low of $15.36 and a fifty-two week high of $24.17. The company has a 50 day simple moving average of $22.13 and a two-hundred day simple moving average of $20.13. The company has a market capitalization of $7.48 billion, a PE ratio of 14.21 and a beta of 0.87.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. During the same quarter in the previous year, the firm earned $0.46 earnings per share. Research analysts anticipate that Old National Bancorp will post 1.82 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date was Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is 33.94%.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC lifted its position in Old National Bancorp by 1,766.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,325 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after purchasing an additional 615 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after purchasing an additional 663 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Old National Bancorp by 156.8% during the third quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock valued at $73,000 after buying an additional 2,385 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in Old National Bancorp during the third quarter worth $91,000. 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.