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

Old National Bancorp (NASDAQ:ONB) had its target price lowered by equities researchers at JPMorgan Chase & Co. from $32.00 to $30.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 23.13% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. Jefferies Financial Group reissued a “hold” rating and set a $27.00 target price on shares of Old National Bancorp in a report on Wednesday, July 22nd. Truist Financial lifted their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a report on Tuesday, September 1st. UBS Group began coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a “buy” rating and a $32.00 target price for the company. Finally, Raymond James Financial began coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a “market perform” rating for the company. Eleven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Old National Bancorp Stock Performance

Shares of ONB stock traded down $0.28 on Thursday, hitting $24.36. 2,041,527 shares of the stock traded hands, compared to its average volume of 3,582,992. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $9.32 billion, a PE ratio of 10.79 and a beta of 0.83. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $27.36. The company’s fifty day moving average is $25.99 and its 200 day moving average is $24.74.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. The firm had revenue of $726.86 million for the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period last year, the business posted $0.53 earnings per share. On average, equities research analysts predict that Old National Bancorp will post 2.61 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ONB. Archer Investment Corp acquired a new position in shares of Old National Bancorp during the second quarter valued at approximately $39,000. Integrated Wealth Concepts LLC bought a new stake in Old National Bancorp during the second quarter worth approximately $41,000. FNY Investment Advisers LLC acquired a new stake in Old National Bancorp in the second quarter worth approximately $49,000. Eurizon Capital SGR S.p.A. acquired a new stake in Old National Bancorp in the fourth quarter worth approximately $54,000. Finally, Philadelphia Investment Partners LLC bought a new position in Old National Bancorp during the 2nd quarter valued at $81,000. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Company Profile

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.