Citigroup Issues Pessimistic Forecast for Old National Bancorp (NASDAQ:ONB) Stock Price

Old National Bancorp (NASDAQ:ONB) had its price target reduced by research analysts at Citigroup from $31.00 to $30.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Citigroup’s target price suggests a potential upside of 18.32% from the stock’s previous close.

A number of other analysts have also weighed in on ONB. Royal Bank Of Canada upped their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “sector perform” rating in a report on Thursday, July 23rd. UBS Group started coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price target for the company. Truist Financial increased their price objective on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. TD Cowen increased their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Finally, JPMorgan Chase & Co. initiated coverage on Old National Bancorp in a report on Friday, September 11th. They set an “overweight” rating and a $32.00 price target for the company. Ten analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and an average price target of $30.17.

Old National Bancorp Price Performance

ONB opened at $25.35 on Tuesday. The firm has a 50-day moving average of $26.20 and a 200 day moving average of $24.61. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36. The firm has a market cap of $9.70 billion, a P/E ratio of 11.25 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced 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 during the quarter, compared to analyst estimates of $716.25 million. During the same period in the prior year, the company earned $0.53 earnings per share. Old National Bancorp’s revenue was up 13.2% compared to the same quarter last year. On average, research analysts expect that Old National Bancorp will post 2.6 EPS for the current year.

Insider Buying and Selling

In related news, CEO Chady Alahmar sold 11,771 shares of the business’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total transaction of $310,872.11. Following the completion of the transaction, the chief executive officer owned 63,531 shares in the company, valued at $1,677,853.71. The trade was a 15.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Chulos sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the transaction, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. This trade represents a 27.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of ONB. BlackRock Inc. purchased a new stake in Old National Bancorp in the second quarter worth about $1,215,819,000. Dimensional Fund Advisors LP raised its stake in Old National Bancorp by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 17,882,650 shares of the bank’s stock worth $395,193,000 after buying an additional 310,352 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Old National Bancorp by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 9,678,509 shares of the bank’s stock valued at $215,958,000 after acquiring an additional 91,341 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of Old National Bancorp in the 2nd quarter valued at about $134,610,000. Finally, Goldman Sachs Group Inc. increased its position in shares of Old National Bancorp by 65.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,956,160 shares of the bank’s stock worth $110,572,000 after purchasing an additional 1,966,958 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

About Old National Bancorp

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

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, treasury and cash management services, credit and debit cards, online and mobile banking, and investment and wealth management services.