Old National Bancorp (NASDAQ:ONB) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Old National Bancorp’s price target from $32 to $30 while maintaining an “overweight” rating, implying 23.13% upside from the stock’s $24.36 price.
• Analyst sentiment remains favorable, with 11 Buy ratings and three Holds; MarketBeat reports a “Moderate Buy” consensus and an average target price of $30.
• Old National’s latest quarterly results exceeded expectations, with EPS of $0.65 versus $0.63 expected and revenue of $726.86 million, up 13.2% year over year.

Old National Bancorp (NASDAQ:ONB - Get Free Report) had its price objective reduced by investment analysts at JPMorgan Chase & Co. from $32.00 to $30.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 23.13% from the stock's current price.

Several other research analysts have also commented on the stock. Wells Fargo & Company began coverage on shares of Old National Bancorp in a report on Thursday, September 24th. They issued an "overweight" rating and a $30.00 price target on the stock. Piper Sandler assumed coverage on shares of Old National Bancorp in a research note on Thursday, September 17th. They set an "overweight" rating and a $32.00 price objective for the company. National Bank Financial set a $32.00 price objective on shares of Old National Bancorp in a research report on Friday, September 11th. Raymond James Financial initiated coverage on shares of Old National Bancorp in a research note on Tuesday, July 7th. They issued a "market perform" rating on the stock. Finally, UBS Group started coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They set a "buy" rating and a $32.00 target price on the stock. Eleven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Old National Bancorp has an average rating of "Moderate Buy" and an average target price of $30.00.

Old National Bancorp Trading Down 1.1%

NASDAQ:ONB traded down $0.28 on Thursday, hitting $24.36. 2,041,527 shares of the stock were exchanged, compared to its average volume of 3,582,992. The stock has a fifty day moving average of $25.99 and a 200-day moving average of $24.74. The stock has a market cap of $9.32 billion, a PE ratio of 10.79 and a beta of 0.83. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.95. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.02. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The business had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. During the same period in the previous year, the company posted $0.53 EPS. The company's revenue was up 13.2% compared to the same quarter last year. As a group, equities analysts expect that Old National Bancorp will post 2.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Nicholas Chulos sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the completion of the transaction, the insider directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. This represents a 27.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Chady Alahmar sold 11,771 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total value of $310,872.11. Following the transaction, the chief executive officer owned 63,531 shares of the company's stock, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.72% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Archer Investment Corp bought a new stake in shares of Old National Bancorp in the 2nd quarter worth about $39,000. Integrated Wealth Concepts LLC bought a new position in shares of Old National Bancorp during the second quarter worth about $41,000. FNY Investment Advisers LLC bought a new position in shares of Old National Bancorp during the second quarter worth about $49,000. Eurizon Capital SGR S.p.A. bought a new position in shares of Old National Bancorp during the fourth quarter worth about $54,000. Finally, Philadelphia Investment Partners LLC acquired a new position in Old National Bancorp in the second quarter worth about $81,000. 83.66% of the stock is currently owned by institutional investors.

About Old National Bancorp

Old National Bancorp is a regional financial holding company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial services to individuals, families, businesses and institutions.

Old National Bank offers a range of products and services, including checking and savings accounts, consumer and commercial lending, mortgages, treasury management, wealth management, investment services and personal financial planning.

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