Old National Bancorp (NASDAQ:ONB) PT raised to $23.00
Former National Bancorp (NASDAQ: ONB – Get a rating) saw its price target raised by analysts at Stephens to $23.00 in a report on Tuesday, Target Stock Advisor reports. Stephens’ price target would indicate a potential upside of 31.20% from the company’s previous close.
Other analysts have also released reports on the company. TheStreet downgraded Old National Bancorp from a ‘b’ rating to a ‘c+’ rating in a Friday, May 27 report. StockNews.com upgraded shares of Old National Bancorp from a “sell” to a “hold” rating in a report on Wednesday, July 13. Finally, Piper Sandler raised her price target on shares of Old National Bancorp to $21.00 and gave the stock an “outperform” rating in a Wednesday, July 27, report. Two investment analysts gave the stock a hold rating and three gave the company a buy rating. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.75.
Shares of former National Bancorp down 0.7%
NASDAQ ONB lost $0.12 on Tuesday, hitting $17.53. The company had a trading volume of 70,061 shares, compared to an average volume of 1,508,881 shares. The company has a market capitalization of $5.13 billion, a PE ratio of 17.18 and a beta of 0.86. The company has a 50-day moving average of $16.05 and a 200-day moving average of $16.34. Old National Bancorp has a 1-year low of $14.22 and a 1-year high of $20.81. The company has a debt ratio of 0.81, a current ratio of 0.83 and a quick ratio of 0.83.
Former National Bancorp (NASDAQ: ONB – Get a rating) last released its quarterly results on Tuesday, July 26. The bank reported EPS of $0.46 for the quarter, beating consensus analyst estimates of $0.39 by $0.07. Old National Bancorp had a return on equity of 9.13% and a net margin of 18.42%. In the same period a year earlier, the company had earned earnings per share of $0.41. On average, equity research analysts expect Old National Bancorp to post EPS of 1.88 for the current fiscal year.
Institutional investors weigh in on former National Bancorp
A number of large investors have recently changed their positions in ONB. Fuller & Thaler Asset Management Inc. increased its equity stake in Old National Bancorp to 774.8% in Q1. Fuller & Thaler Asset Management Inc. now owns 14,304,594 shares of the bank valued at $234,309,000 after purchasing an additional 12,669,445 shares during the period. Vanguard Group Inc. increased its position in shares of Old National Bancorp by 59.8% in the first quarter. Vanguard Group Inc. now owns 29,663,094 shares of the bank worth $485,881,000 after buying an additional 11,101,411 shares in the last quarter. BlackRock Inc. increased its position in shares of Old National Bancorp by 37.6% in the first quarter. BlackRock Inc. now owns 33,378,748 shares of the bank worth $546,744,000 after buying an additional 9,124,230 shares last quarter. Dimensional Fund Advisors LP raised its position in shares of Old National Bancorp by 71.3% in the first quarter. Dimensional Fund Advisors LP now owns 18,070,249 shares of the bank worth $295,996,000 after purchasing an additional 7,523,808 shares in the last quarter. Finally, State Street Corp raised its position in shares of Old National Bancorp by 54.9% in the first quarter. State Street Corp now owns 15,423,544 shares of the bank worth $252,638,000 after buying an additional 5,465,409 shares last quarter. Institutional investors and hedge funds hold 78.66% of the company’s shares.
About the former national bank
Old National Bancorp operates as a bank holding company for Old National Bank which provides various financial services to individuals and businesses in the United States. It accepts deposit accounts, including non-interest-bearing current accounts, interest-bearing checks, negotiable withdrawal orders, savings and money market accounts, and term deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit and leases.
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