Jefferies Raises Price Target for Old National Bancorp (NASDAQ: ONB) Amid Strong Q2 Performance

Font: Financial Modeling Prep  • Jul 22, 2026

• Analyst firm Jefferies increased its price target for Old National Bancorp to $27.00, signaling a positive outlook for the regional bank stock.
• The company delivered a strong second-quarter performance, reporting record net income of $249.4 million and an earnings per share (EPS) of $0.65, exceeding analyst expectations.
• Old National Bancorp demonstrated robust operational health with significant loan growth, a stable net interest margin, excellent credit quality, and improved operational efficiency.

Analyst firm Jefferies raised its price target for Old National Bancorp (NASDAQ: ONB) to $27.00 from a previous target of $26.00. Old National Bancorp is the holding company for Old National Bank, a regional bank with a market capitalization of around $10.2 billion. The company provides comprehensive commercial and retail financial services.

The price target increase follows a strong second-quarter performance. Old National Bancorp reported a record net income of $249.4 million. As highlighted by Zacks Investment Research, its quarterly earnings per share (EPS) of $0.65 surpassed the Zacks Consensus Estimate of $0.62, resulting in a positive earnings surprise of 4.84%.

The company's revenue growth also supports the positive outlook. It posted revenues of $740.06 million, which exceeded analyst estimates by 3.55%. Old National Bancorp also maintains a stable net interest margin of 3.54%. This margin represents the profitability of a bank's lending activities.

Growth in the bank's core business is strong, with an 8.3% annualized loan growth. The company also has a record commercial lending pipeline of $5.6 billion. This pipeline indicates a strong volume of future loans that are expected to be funded, suggesting potential for continued revenue and sustained regional bank performance.

Old National Bancorp shows excellent credit quality and operational management. Net charge-offs, which are debts a bank does not expect to recover, are low at 0.26%. The bank also has a record efficiency ratio of 45.2%. A lower efficiency ratio means the bank is managing its expenses well relative to its income, highlighting strong operational efficiency in the financial services sector.