Old National Bancorp (NASDAQ:ONB) Now Covered by Analysts at TD Cowen

TD Cowen assumed coverage on shares of Old National Bancorp (NASDAQ:ONB) in a research report released on Thursday morning, Marketbeat.com reports. The firm issued a hold rating and a $25.00 price target on the bank’s stock.

Several other research analysts have also issued reports on ONB. Barclays increased their price target on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Truist Financial increased their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, July 11th. Piper Sandler reaffirmed an “overweight” rating and issued a $27.00 price target (up previously from $26.00) on shares of Old National Bancorp in a research note on Wednesday, July 23rd. Finally, Royal Bank Of Canada increased their price objective on Old National Bancorp from $23.00 to $24.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and an average target price of $26.27.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $21.86 on Thursday. The firm has a market capitalization of $8.57 billion, a price-to-earnings ratio of 12.93 and a beta of 0.89. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. The business has a fifty day simple moving average of $21.95 and a 200 day simple moving average of $21.30. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The firm had revenue of $633.41 million for the quarter, compared to the consensus estimate of $622.83 million. During the same quarter in the previous year, the company earned $0.46 earnings per share. Sell-side analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, September 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, September 5th. Old National Bancorp’s payout ratio is currently 33.14%.

Institutional Investors Weigh In On Old National Bancorp

A number of hedge funds have recently added to or reduced their stakes in ONB. OLD National Bancorp IN raised its stake in shares of Old National Bancorp by 2,525.9% in the second quarter. OLD National Bancorp IN now owns 44,844,379 shares of the bank’s stock worth $956,979,000 after acquiring an additional 43,136,619 shares during the last quarter. Norges Bank acquired a new stake in shares of Old National Bancorp in the second quarter valued at approximately $79,396,000. Thrivent Financial for Lutherans raised its position in Old National Bancorp by 439.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 2,595,144 shares of the bank’s stock worth $55,380,000 after purchasing an additional 2,114,266 shares during the last quarter. Invesco Ltd. lifted its holdings in Old National Bancorp by 161.3% during the 1st quarter. Invesco Ltd. now owns 1,969,870 shares of the bank’s stock worth $41,742,000 after buying an additional 1,216,004 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Old National Bancorp during the 1st quarter worth $22,463,000. Institutional investors own 83.66% of the company’s stock.

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.