Old National Bancorp (NASDAQ:ONB) Upgraded by Raymond James to Strong-Buy Rating

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

ONB has been the topic of a number of other research reports. Barclays upped their target price on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.38.

Old National Bancorp Stock Up 6.0 %

ONB stock opened at $22.94 on Tuesday. The stock’s 50 day simple moving average is $19.63 and its 200 day simple moving average is $18.52. The company has a market cap of $7.32 billion, a P/E 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. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $23.76.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same period in the prior year, the firm earned $0.51 earnings per share. Old National Bancorp’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, research analysts expect that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Old National Bancorp by 188.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock valued at $885,000 after purchasing an additional 33,615 shares during the period. Busey Bank lifted its holdings in Old National Bancorp by 41.6% during the 2nd quarter. Busey Bank now owns 38,519 shares of the bank’s stock worth $662,000 after purchasing an additional 11,316 shares in the last quarter. Comerica Bank lifted its holdings in Old National Bancorp by 11.9% during the 1st quarter. Comerica Bank now owns 299,561 shares of the bank’s stock worth $5,215,000 after purchasing an additional 31,937 shares in the last quarter. Retirement Systems of Alabama grew its holdings in Old National Bancorp by 6.1% during the 2nd quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank’s stock valued at $6,700,000 after buying an additional 22,249 shares in the last quarter. Finally, LMR Partners LLP bought a new stake in shares of Old National Bancorp during the third quarter valued at about $452,000. 83.66% of the stock is currently 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.