Old National Bancorp (NASDAQ:ONB) Stock Gets Price Target Reduction from Wells Fargo & Company

Old National Bancorp (NASDAQ:ONB) had its target price decreased by Wells Fargo & Company from $30.00 to $29.00 in a report issued on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the bank’s stock.

Several other research firms have also recently weighed in on ONB. JPMorgan Chase & Co. lowered their price target on Old National Bancorp from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Thursday, October 22nd. Royal Bank Of Canada dropped their price target on Old National Bancorp from $29.00 to $28.00 and set a “sector perform” rating on the stock in a research note on Friday, October 9th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $27.00 price objective on shares of Old National Bancorp in a report on Wednesday, July 22nd. Weiss Ratings raised Old National Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, October 26th. Finally, TD Cowen reduced their price objective on Old National Bancorp from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. Twelve equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.57.

Old National Bancorp Price Performance

ONB opened at $25.26 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.85. The firm has a 50 day moving average price of $25.17 and a 200-day moving average price of $24.69. Old National Bancorp has a twelve month low of $19.60 and a twelve month high of $27.36. The stock has a market capitalization of $9.55 billion, a price-to-earnings ratio of 10.31 and a beta of 0.88.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Wednesday, October 21st. The bank reported $0.66 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.66. Old National Bancorp had a net margin of 23.36% and a return on equity of 12.02%. The company had revenue of $719.00 million for the quarter, compared to the consensus estimate of $732.04 million. During the same quarter in the prior year, the firm earned $0.59 earnings per share. Equities research analysts forecast that Old National Bancorp will post 2.57 earnings per share for the current year.

Insider Transactions at Old National Bancorp

In related news, CFO John Moran sold 19,261 shares of the business’s stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $25.57, for a total transaction of $492,503.77. Following the completion of the sale, the chief financial officer directly owned 101,467 shares in the company, valued at approximately $2,594,511.19. The trade was a 15.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ONB. Bank of America Corp DE increased its stake in shares of Old National Bancorp by 2.5% in the 1st quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank’s stock worth $93,462,000 after purchasing an additional 102,956 shares in the last quarter. NFJ Investment Group LLC bought a new position in Old National Bancorp in the 2nd quarter worth $30,919,000. Quantinno Capital Management LP raised its holdings in Old National Bancorp by 200.0% in the 1st quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank’s stock worth $3,387,000 after purchasing an additional 102,159 shares during the period. Deutsche Bank AG purchased a new position in Old National Bancorp during the second quarter valued at $9,460,000. Finally, BlackRock Inc. purchased a new position in Old National Bancorp during the second quarter valued at $1,215,819,000. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Company Profile

Old National Bancorp is a regional bank holding company headquartered in Evansville, Indiana. Founded in 1834, it operates primarily through Old National Bank, serving individuals, businesses and organizations across the Midwest. The company offers consumer and commercial banking services, including checking and savings accounts, loans, mortgages, treasury management and digital banking. It also provides wealth management and trust services, as well as solutions for businesses and institutional clients.