TD Cowen Keeps Hold Rating on Old National and Increases Price Target to $26
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 27 2025
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Should l Buy ONB?
Source: Benzinga
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Analyst Views on ONB
Wall Street analysts forecast ONB stock price to rise
7 Analyst Rating
4 Buy
3 Hold
0 Sell
Moderate Buy
Current: 24.370
Low
25.00
Averages
26.29
High
29.00
Current: 24.370
Low
25.00
Averages
26.29
High
29.00
About ONB
Old National Bancorp is the holding company of Old National Bank. Old National Bank is a commercial bank that serves clients primarily in the Midwest and Southeast. Old National Bank operates banking centers located primarily throughout the Midwestern and Southeastern United States, including Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Carolina, Tennessee, and Wisconsin. In addition to providing services in consumer and commercial banking, Old National Bank offers comprehensive wealth management and capital markets services. Each of the banking centers of Old National Bank provides a group of similar community banking services, including such products and services as commercial, real estate, and consumer loans; deposits; and private banking, capital markets, brokerage, wealth management, trust, and investment advisory services. Old National Bank’s lending activities include loans to individuals, and loans to commercial clients.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Old National Partners with Axletree to Enhance SWIFT Architecture
- Partnership Completion: Old National Bancorp has finalized its partnership with Axletree Solutions to implement the Symmetree platform, enhancing the security and transparency of its SWIFT architecture, thereby improving transaction control and efficiency.
- Efficiency Gains: The new system reduces friction in international payment processing, enables faster onboarding for clients, and significantly increases transaction volumes, which is expected to positively impact the company's revenue potential.
- Compliance and Scalability: The upgraded architecture meets ISO 20022 standards, establishing a scalable foundation for future international growth, thereby strengthening Old National's competitive position in the international payments sector.
- Real-Time Payment Tracking: Through Axletree, Old National can now track international payments in real time, leveraging SWIFT APIs to provide a secure end-to-end environment, significantly enhancing customer service quality and satisfaction.
See More
Old National Appoints New Chief Revenue Enablement Officer
- New Chief Revenue Officer: Old National Bancorp has appointed Joe Chasteen as Chief Revenue Enablement Officer, a role designed to drive organic growth and revenue generation, marking an innovative step in the company's strategic leadership.
- Extensive Industry Experience: Chasteen brings over 27 years of business banking and enterprise leadership experience, having held senior roles at several large financial institutions, showcasing his exceptional capabilities in sales strategy and client integration.
- Sales Process Optimization: The new Chief Revenue Officer will focus on establishing and reinforcing enterprise-wide sales processes, further advancing the use of customer relationship management tools to enhance sales efficiency and market leadership.
- Efficient Team Building: Chasteen's background demonstrates his success in building high-performing teams and driving consistent results, which will bring greater rigor and accountability to Old National's sales delivery.
See More
TD Cowen Upgrades Old National Bancorp (ONB) to Buy Amid Accelerating Loan Growth
- Accelerating Loan Growth: Old National Bancorp's Q4 2025 earnings exceeded expectations despite revenue falling short of consensus, with analysts noting an acceleration in lending growth, indicating enhanced competitive positioning in the market.
- Optimistic NII Outlook: Analysts highlighted that Q4 2025's net interest income (NII) is tracking ahead of prior guidance, coupled with strong capital markets and mortgage banking performance, suggesting emerging revenue momentum that could drive future growth.
- Management's Strategic Focus: CEO Jim Ryan emphasized during the earnings call a focus on core deposit growth, positive operating leverage, disciplined credit management, and robust liquidity and capital ratios, demonstrating the company's commitment to sound operations.
- Stock Performance Recovery: ONB shares rose 2.8% in midday trading, bringing the year-to-date increase to 10.6%, reflecting growing market confidence in the company's future prospects, while TD Cowen's Buy rating contrasts with the generally Hold ratings from other analysts.
See More
Old National Bancorp Reports Record Q4 2025 Earnings with Adjusted EPS of $0.62
- Outstanding Earnings: Old National Bancorp reported an adjusted EPS of $0.62 for Q4 2025, reflecting a 5% quarter-over-quarter increase and a 27% year-over-year rise, showcasing significant improvements in profitability that solidify its competitive position in the industry.
- Loan Growth Outlook: Management anticipates loan growth of 4% to 6% in 2026, a positive outlook that reflects the success of the company's core deposit strategy execution, expected to drive future revenue growth and market share expansion.
- Capital Management Strategy: Despite merger-related charges, Old National Bancorp achieved a 15% increase in tangible book value per share and plans to be more active in share repurchases in 2026, indicating a strong balance between capital returns and organic growth.
- Efficiency Ratio Innovation: The adjusted efficiency ratio dropped to a record low of 46%, demonstrating ongoing improvements in cost control and operational efficiency, which further enhance its profitability and competitive edge in the market.
See More
Old National Bancorp Q4 EPS Beats Expectations, Revenue Up 41% YoY
- Earnings Beat: Old National Bancorp reported a Q4 non-GAAP EPS of $0.62, exceeding expectations by $0.03, indicating robust profitability amidst a competitive landscape.
- Significant Revenue Growth: The bank's revenue reached $690.59 million, reflecting a 41.0% year-over-year increase, although it fell short of market expectations by $15.58 million, highlighting competitive pressures.
- Dividend Declaration: The company declared a dividend of $0.14 per share, demonstrating its commitment to returning value to shareholders, which may attract income-focused investors.
- Cautious Rating Outlook: Despite the earnings beat, analysts remain cautious about Old National Bancorp's rating, suggesting potential challenges ahead, particularly as revenue growth did not fully meet market expectations.
See More
Old National Bancorp Schedules Q4 and Full-Year 2025 Earnings Release on January 21, 2026
- Earnings Release Schedule: Old National Bancorp will release its Q4 and full-year 2025 earnings on January 21, 2026, at approximately 7:00 AM ET, reflecting its performance in the Midwest and Southeast markets.
- Conference Call Details: A conference call will follow at 10:00 AM ET on the same day, allowing investors to participate by dialing U.S. (800) 715-9871 or International (646) 307-1963, ensuring transparency and effective communication with stakeholders.
- Webcast Replay Availability: A replay of the earnings call will be available approximately one hour after its conclusion on Old National's Investor Relations website until midnight ET on January 21, 2027, enhancing accessibility to important financial information.
- Company Background Information: With approximately $71 billion in assets and $38 billion under management, Old National ranks as the sixth largest commercial bank in the U.S., focusing on long-term partnerships with clients and community support initiatives.
See More
Old National Partners with Axletree to Enhance SWIFT Architecture
- Partnership Completion: Old National Bancorp has finalized its partnership with Axletree Solutions to implement the Symmetree platform, enhancing the security and transparency of its SWIFT architecture, thereby improving transaction control and efficiency.
- Efficiency Gains: The new system reduces friction in international payment processing, enables faster onboarding for clients, and significantly increases transaction volumes, which is expected to positively impact the company's revenue potential.
- Compliance and Scalability: The upgraded architecture meets ISO 20022 standards, establishing a scalable foundation for future international growth, thereby strengthening Old National's competitive position in the international payments sector.
- Real-Time Payment Tracking: Through Axletree, Old National can now track international payments in real time, leveraging SWIFT APIs to provide a secure end-to-end environment, significantly enhancing customer service quality and satisfaction.
See More
Old National Appoints New Chief Revenue Enablement Officer
- New Chief Revenue Officer: Old National Bancorp has appointed Joe Chasteen as Chief Revenue Enablement Officer, a role designed to drive organic growth and revenue generation, marking an innovative step in the company's strategic leadership.
- Extensive Industry Experience: Chasteen brings over 27 years of business banking and enterprise leadership experience, having held senior roles at several large financial institutions, showcasing his exceptional capabilities in sales strategy and client integration.
- Sales Process Optimization: The new Chief Revenue Officer will focus on establishing and reinforcing enterprise-wide sales processes, further advancing the use of customer relationship management tools to enhance sales efficiency and market leadership.
- Efficient Team Building: Chasteen's background demonstrates his success in building high-performing teams and driving consistent results, which will bring greater rigor and accountability to Old National's sales delivery.
See More
TD Cowen Upgrades Old National Bancorp (ONB) to Buy Amid Accelerating Loan Growth
- Accelerating Loan Growth: Old National Bancorp's Q4 2025 earnings exceeded expectations despite revenue falling short of consensus, with analysts noting an acceleration in lending growth, indicating enhanced competitive positioning in the market.
- Optimistic NII Outlook: Analysts highlighted that Q4 2025's net interest income (NII) is tracking ahead of prior guidance, coupled with strong capital markets and mortgage banking performance, suggesting emerging revenue momentum that could drive future growth.
- Management's Strategic Focus: CEO Jim Ryan emphasized during the earnings call a focus on core deposit growth, positive operating leverage, disciplined credit management, and robust liquidity and capital ratios, demonstrating the company's commitment to sound operations.
- Stock Performance Recovery: ONB shares rose 2.8% in midday trading, bringing the year-to-date increase to 10.6%, reflecting growing market confidence in the company's future prospects, while TD Cowen's Buy rating contrasts with the generally Hold ratings from other analysts.
See More
Old National Bancorp Reports Record Q4 2025 Earnings with Adjusted EPS of $0.62
- Outstanding Earnings: Old National Bancorp reported an adjusted EPS of $0.62 for Q4 2025, reflecting a 5% quarter-over-quarter increase and a 27% year-over-year rise, showcasing significant improvements in profitability that solidify its competitive position in the industry.
- Loan Growth Outlook: Management anticipates loan growth of 4% to 6% in 2026, a positive outlook that reflects the success of the company's core deposit strategy execution, expected to drive future revenue growth and market share expansion.
- Capital Management Strategy: Despite merger-related charges, Old National Bancorp achieved a 15% increase in tangible book value per share and plans to be more active in share repurchases in 2026, indicating a strong balance between capital returns and organic growth.
- Efficiency Ratio Innovation: The adjusted efficiency ratio dropped to a record low of 46%, demonstrating ongoing improvements in cost control and operational efficiency, which further enhance its profitability and competitive edge in the market.
See More
Old National Bancorp Q4 EPS Beats Expectations, Revenue Up 41% YoY
- Earnings Beat: Old National Bancorp reported a Q4 non-GAAP EPS of $0.62, exceeding expectations by $0.03, indicating robust profitability amidst a competitive landscape.
- Significant Revenue Growth: The bank's revenue reached $690.59 million, reflecting a 41.0% year-over-year increase, although it fell short of market expectations by $15.58 million, highlighting competitive pressures.
- Dividend Declaration: The company declared a dividend of $0.14 per share, demonstrating its commitment to returning value to shareholders, which may attract income-focused investors.
- Cautious Rating Outlook: Despite the earnings beat, analysts remain cautious about Old National Bancorp's rating, suggesting potential challenges ahead, particularly as revenue growth did not fully meet market expectations.
See More
Old National Bancorp Schedules Q4 and Full-Year 2025 Earnings Release on January 21, 2026
- Earnings Release Schedule: Old National Bancorp will release its Q4 and full-year 2025 earnings on January 21, 2026, at approximately 7:00 AM ET, reflecting its performance in the Midwest and Southeast markets.
- Conference Call Details: A conference call will follow at 10:00 AM ET on the same day, allowing investors to participate by dialing U.S. (800) 715-9871 or International (646) 307-1963, ensuring transparency and effective communication with stakeholders.
- Webcast Replay Availability: A replay of the earnings call will be available approximately one hour after its conclusion on Old National's Investor Relations website until midnight ET on January 21, 2027, enhancing accessibility to important financial information.
- Company Background Information: With approximately $71 billion in assets and $38 billion under management, Old National ranks as the sixth largest commercial bank in the U.S., focusing on long-term partnerships with clients and community support initiatives.
See More
