Old National Bancorp (NASDAQ:ONB) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

Old National Bancorp (NASDAQ:ONB) had its price objective trimmed by JPMorgan Chase & Co. from $30.00 to $29.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

A number of other equities analysts have also recently commented on ONB. Barclays lifted their target price on Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Jefferies Financial Group restated a “hold” rating and set a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, July 22nd. Truist Financial raised their price target on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. TD Cowen lowered their price target on Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Finally, Piper Sandler started 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. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $29.64.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $25.32 on Thursday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.94. Old National Bancorp has a 1-year low of $19.60 and a 1-year high of $27.36. The company has a market capitalization of $9.69 billion, a P/E ratio of 10.33 and a beta of 0.86. The firm’s 50 day simple moving average is $25.35 and its two-hundred day simple moving average is $25.10.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, October 21st. The bank reported $0.66 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.66. Old National Bancorp had a return on equity of 16.55% and a net margin of 23.36%. The business had revenue of $719.50 million during the quarter, compared to analyst estimates of $732.04 million. During the same quarter in the prior year, the business posted $0.59 EPS. Research analysts expect that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th were given a $0.1450 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, September 4th. Old National Bancorp’s dividend payout ratio is presently 23.67%.

Insiders Place Their Bets

In related news, CEO Chady M. Alahmar sold 11,771 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The shares were 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 SEC, which is available through this link. Also, insider Nicholas J. Chulos sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the transaction, the insider directly owned 53,544 shares in the company, valued at approximately $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Fortitude Family Office LLC raised its stake in shares of Old National Bancorp by 313.5% in the third quarter. Fortitude Family Office LLC now owns 1,075 shares of the bank’s stock worth $26,000 after purchasing an additional 815 shares during the last quarter. Archer Investment Corp purchased a new stake in Old National Bancorp in the second quarter valued at approximately $39,000. Integrated Wealth Concepts LLC purchased a new stake in Old National Bancorp in the second quarter valued at approximately $41,000. FNY Investment Advisers LLC purchased a new stake in Old National Bancorp in the second quarter valued at approximately $49,000. Finally, Root Financial Partners LLC acquired a new position in Old National Bancorp in the 3rd quarter worth approximately $53,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

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

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.