UBS Group Initiates Coverage on Old National Bancorp (NASDAQ:ONB)

Stock analysts at UBS Group began coverage on shares of Old National Bancorp (NASDAQ:ONB) in a note issued to investors on Monday, Marketbeat Ratings reports. The firm set a “hold” rating and a $25.00 price target on the bank’s stock. UBS Group’s price target points to a potential upside of 9.22% from the stock’s current price.

A number of other equities analysts have also weighed in on the stock. Truist Financial lowered their price objective on shares of Old National Bancorp from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Thursday, October 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research note on Monday. TD Cowen lifted their price objective on Old National Bancorp from $25.00 to $26.00 and gave the company a “hold” rating in a report on Monday, October 27th. Piper Sandler reissued an “overweight” rating and set a $26.00 target price (down from $27.00) on shares of Old National Bancorp in a research note on Thursday, October 23rd. Finally, Cowen reaffirmed a “hold” rating on shares of Old National Bancorp in a report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

Old National Bancorp Stock Down 0.4%

Shares of NASDAQ:ONB opened at $22.89 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.80. The firm has a 50 day simple moving average of $21.23 and a 200-day simple moving average of $21.62. The company has a market capitalization of $8.94 billion, a PE ratio of 13.39 and a beta of 0.84. Old National Bancorp has a twelve month low of $16.83 and a twelve month high of $24.49.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, February 1st. The bank reported $0.46 earnings per share (EPS) for the quarter. Old National Bancorp had a return on equity of 10.42% and a net margin of 17.39%.The firm had revenue of $222.80 million during the quarter. On average, equities analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ONB. MAI Capital Management raised its holdings in shares of Old National Bancorp by 156.8% during the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock valued at $25,000 after buying an additional 704 shares during the period. Covestor Ltd raised its stake in shares of Old National Bancorp by 157.0% during the third quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock valued at $27,000 after purchasing an additional 755 shares during the period. Rothschild Investment LLC lifted its position in shares of Old National Bancorp by 72.3% during the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock worth $28,000 after purchasing an additional 535 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in shares of Old National Bancorp by 310.7% in the second quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank’s stock valued at $33,000 after purchasing an additional 1,159 shares during the period. Finally, First Horizon Corp acquired a new stake in Old National Bancorp in the third quarter valued at $39,000. 83.66% of the stock is owned by institutional investors and hedge funds.

About Old National Bancorp

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.