Truist Financial Has Lowered Expectations for Old National Bancorp (NASDAQ:ONB) Stock Price

Key Points

• Truist Financial has reduced its price target for Old National Bancorp's stock from $27.00 to $26.00, maintaining a "buy" rating which suggests a potential upside of 25.24%.
• Other analysts have also set price targets for Old National Bancorp, with Piper Sandler and Barclays both targeting $26.00 and $29.00, respectively.
• As of the latest trading session, Old National Bancorp's stock price was $20.76, reflecting a 0.2% decline.

Old National Bancorp (NASDAQ:ONB - Get Free Report) had its price target reduced by research analysts at Truist Financial from $27.00 to $26.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the bank's stock. Truist Financial's price target points to a potential upside of 25.24% from the stock's previous close.

Other analysts have also issued reports about the stock. Piper Sandler set a $26.00 price objective on shares of Old National Bancorp in a research report on Thursday. Barclays set a $29.00 price objective on shares of Old National Bancorp and gave the stock an "overweight" rating in a research report on Wednesday, October 8th. Cowen started coverage on shares of Old National Bancorp in a research report on Wednesday, September 24th. They issued a "hold" rating for the company. TD Cowen started coverage on shares of Old National Bancorp in a research report on Thursday, September 25th. They issued a "hold" rating and a $25.00 price objective for the company. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Old National Bancorp in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $26.18.

Old National Bancorp Trading Down 0.2%

NASDAQ:ONB traded down $0.05 during mid-day trading on Thursday, hitting $20.76. 602,909 shares of the stock traded hands, compared to its average volume of 3,509,444. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $24.49. The stock has a market capitalization of $8.14 billion, a price-to-earnings ratio of 12.30 and a beta of 0.85. The firm's 50 day moving average is $21.96 and its two-hundred day moving average is $21.38.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, February 1st. The bank reported $0.46 earnings per share for the quarter. Old National Bancorp had a net margin of 17.67% and a return on equity of 9.92%. The company had revenue of $222.80 million for the quarter. On average, equities research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds have recently modified their holdings of ONB. GAMMA Investing LLC raised its stake in shares of Old National Bancorp by 44.0% during the 1st quarter. GAMMA Investing LLC now owns 6,009 shares of the bank's stock worth $127,000 after acquiring an additional 1,837 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Old National Bancorp by 17.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 23,009 shares of the bank's stock worth $488,000 after acquiring an additional 3,366 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of Old National Bancorp by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 37,363 shares of the bank's stock worth $791,000 after acquiring an additional 995 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of Old National Bancorp by 4.2% during the 1st quarter. Bessemer Group Inc. now owns 1,257,039 shares of the bank's stock worth $26,637,000 after acquiring an additional 50,508 shares in the last quarter. Finally, KPP Advisory Services LLC bought a new position in shares of Old National Bancorp during the 1st quarter worth approximately $1,029,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

About Old National Bancorp

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.

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