Old National Bancorp (NASDAQ:ONB) is a longstanding financial institution, established in 1834. As a bank holding company, it provides a variety of financial services to both individual and commercial clients across several U.S. states, including Indiana, Kentucky, Michigan, Minnesota, and Wisconsin. The company competes with other regional banks in these areas, offering similar financial products and services.

The consensus price target for ONB's stock has shown stability over the past year, with a slight increase in the last quarter. Last month, the average price target was $24, while last quarter it was $25.5. This suggests a modestly positive outlook from analysts, possibly reflecting confidence in the company's financial performance or strategic initiatives. Analyst Jon Arfstrom from RBC Capital has consistently set a price target of $24 for ONB.

Old National Bancorp's recent financial performance supports this stable outlook. The company reported a 6.5% increase in revenue, reaching $486 million, surpassing expectations. Despite this growth, loan growth remains inconsistent, while deposits are stable at $40.8 billion. The net interest income saw a slight rise to $397.9 million, supported by a solid net interest margin of 3.32%, although higher funding costs offset some benefits.

The company's asset quality presented mixed results, with an increase in loan loss provisions and net charge-offs. However, return metrics and the efficiency ratio showed improvement. ONB's earnings per share (EPS) for the third quarter of 2024 was $0.46, aligning with the Zacks Consensus Estimate, but lower than the $0.51 per share reported in the same quarter last year. This performance indicates a shift in the financial outlook, with expectations of a rebound in earnings.

Despite challenges in the commercial loan segment, strong demand in the residential loan sector is expected to sustain organic loan growth at levels comparable to last year. Analysts anticipate that rate cuts will initially benefit, but eventually negatively impact, ONB's net interest margin. The company is currently being upgraded to a "Buy" rating, and with an attractive dividend yield, ONB presents a compelling investment opportunity.