JPMorgan Chase & Co. Cuts Old National Bancorp (NASDAQ:ONB) Price Target to $30.00

Old National Bancorp (NASDAQ:ONB) had its price objective trimmed by JPMorgan Chase & Co. from $32.00 to $30.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

ONB has been the topic of a number of other research reports. TD Cowen upped their target price on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Wells Fargo & Company started coverage on shares of Old National Bancorp in a research note on Thursday, September 24th. They set an “overweight” rating and a $30.00 price target for the company. Barclays raised their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada lifted their price objective on Old National Bancorp from $28.00 to $29.00 and gave the company a “sector perform” rating in a report on Thursday, July 23rd. Finally, National Bank Financial set a $32.00 price objective on Old National Bancorp in a research note on Friday, September 11th. Eleven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $30.00.

Old National Bancorp Stock Down 0.1%

ONB opened at $24.96 on Thursday. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36. 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 firm’s fifty day moving average price is $25.93 and its two-hundred day moving average price is $24.77. The company has a market capitalization of $9.55 billion, a P/E ratio of 11.09 and a beta of 0.86.

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, beating analysts’ consensus estimates of $0.63 by $0.02. The company had revenue of $726.86 million during the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The business’s revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.53 EPS. On average, analysts anticipate that Old National Bancorp will post 2.61 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th were issued a $0.1450 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. Old National Bancorp’s dividend payout ratio is presently 25.78%.

Insider Transactions at Old National Bancorp

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the business’s stock in a transaction dated 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 directly owned 63,531 shares in the company, valued at $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of the business’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 completion of the transaction, the insider owned 53,544 shares in the company, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.72% of the company’s stock.

Institutional Trading of Old National Bancorp

Hedge funds have recently modified their holdings of the company. Cim Investment Management Inc. bought a new position in shares of Old National Bancorp in the second quarter valued at approximately $217,000. QRG Capital Management Inc. boosted its holdings in shares of Old National Bancorp by 36.7% in the 2nd quarter. QRG Capital Management Inc. now owns 52,135 shares of the bank’s stock worth $1,350,000 after acquiring an additional 13,985 shares in the last quarter. NorthRock Partners LLC bought a new stake in Old National Bancorp during the 2nd quarter worth approximately $235,000. Integrated Wealth Concepts LLC bought a new stake in Old National Bancorp during the 2nd quarter worth approximately $41,000. Finally, Squarepoint Ops LLC grew its position in Old National Bancorp by 22.3% during the 2nd quarter. Squarepoint Ops LLC now owns 998,157 shares of the bank’s stock worth $25,852,000 after acquiring an additional 181,976 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.