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

Key Points

• Wells Fargo cut Old National Bancorp’s price target from $30 to $29, while maintaining an “overweight” rating; the new target implies 14.24% upside from the current share price.
• Analyst sentiment remains positive: 12 analysts rate ONB a Buy and two a Hold, giving it a “Moderate Buy” consensus and an average price target of $29.57.
• In its latest quarter, the bank reported EPS of $0.66, matching estimates, while revenue of $719 million fell short of the $732 million consensus.

Old National Bancorp (NASDAQ:ONB - Get Free Report) had its price target cut by equities researchers at Wells Fargo & Company from $30.00 to $29.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the bank's stock. Wells Fargo & Company's price objective indicates a potential upside of 14.24% from the company's current price.

A number of other equities research analysts also recently weighed in on the company. Citigroup dropped their price objective on Old National Bancorp from $31.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, September 22nd. National Bank Financial set a $32.00 target price on shares of Old National Bancorp in a report on Friday, September 11th. Raymond James Financial raised shares of Old National Bancorp from a "market perform" rating to an "outperform" rating and set a $29.00 target price for the company in a research report on Tuesday, October 6th. JPMorgan Chase & Co. dropped their price target on Old National Bancorp from $30.00 to $29.00 and set an "overweight" rating on the stock in a research note on Thursday, October 22nd. Finally, TD Cowen decreased their price objective on shares of 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.57.

Old National Bancorp Price Performance

ONB stock opened at $25.39 on Monday. The stock has a market cap of $9.60 billion, a PE ratio of 10.38 and a beta of 0.88. Old National Bancorp has a 12 month low of $19.60 and a 12 month high of $27.36. The company has a 50-day moving average price of $25.18 and a 200 day moving average price of $24.67. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Wednesday, October 21st. The bank reported $0.66 earnings per share for the quarter, hitting analysts' consensus estimates of $0.66. The business had revenue of $719.00 million for the quarter, compared to analyst estimates of $732.04 million. Old National Bancorp had a return on equity of 12.02% and a net margin of 23.36%. During the same quarter last year, the firm posted $0.59 earnings per share. Equities research analysts anticipate that Old National Bancorp will post 2.57 earnings per share for the current year.

Insider Activity at Old National Bancorp

In other Old National Bancorp news, CFO John Moran sold 19,261 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $25.57, for a total value of $492,503.77. Following the completion of the sale, the chief financial officer owned 101,467 shares in the company, valued at approximately $2,594,511.19. This represents a 15.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On Old National Bancorp

Several large investors have recently modified their holdings of ONB. Bank of America Corp DE lifted its stake in Old National Bancorp by 2.5% in the first quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank's stock valued at $93,462,000 after acquiring an additional 102,956 shares during the last quarter. NFJ Investment Group LLC bought a new stake in Old National Bancorp in the second quarter worth approximately $30,919,000. Quantinno Capital Management LP increased its stake in shares of Old National Bancorp by 200.0% during 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 last quarter. Deutsche Bank AG acquired a new position in shares of Old National Bancorp during the 2nd quarter worth $9,460,000. Finally, BlackRock Inc. bought a new position in shares of Old National Bancorp during the 2nd quarter valued at $1,215,819,000. Institutional investors and hedge funds own 83.66% of the company's stock.

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.

Old National has expanded over its history through organic growth and acquisitions, building a presence in markets including Indiana, Illinois, Michigan, Wisconsin, Minnesota and Kentucky.

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