Wells Fargo & Company Issues Pessimistic Forecast for Old National Bancorp (NASDAQ:ONB) Stock Price

Old National Bancorp (NASDAQ:ONB) had its price objective reduced by stock analysts at Wells Fargo & Company from $30.00 to $29.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 14.24% from the company’s previous close.

Several other equities analysts have also recently commented on the company. Piper Sandler started coverage on Old National Bancorp in a report on Thursday, September 17th. They issued an “overweight” rating and a $32.00 price target for the company. Royal Bank Of Canada decreased their price objective on Old National Bancorp from $29.00 to $28.00 and set a “sector perform” rating on the stock in a report on Friday, October 9th. TD Cowen lowered their price objective on Old National Bancorp from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Thursday, October 22nd. JPMorgan Chase & Co. cut their target price on Old National Bancorp from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Thursday, October 22nd. Finally, Citigroup cut their target price on Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, September 22nd. 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 data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.57.

Old National Bancorp Trading Up 1.3%

NASDAQ:ONB opened at $25.39 on Monday. Old National Bancorp has a 12 month low of $19.60 and a 12 month high of $27.36. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 10.38 and a beta of 0.88. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.85. The company’s 50 day moving average is $25.18 and its 200-day moving average is $24.67.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, October 21st. The bank reported $0.66 EPS for the quarter, hitting analysts’ consensus estimates of $0.66. Old National Bancorp had a return on equity of 12.02% and a net margin of 23.36%. The business had revenue of $719.00 million for the quarter, compared to analyst estimates of $732.04 million. During the same period in the previous year, the company posted $0.59 earnings per share. Equities analysts anticipate that Old National Bancorp will post 2.57 EPS for the current year.

Insider Buying and Selling

In related news, CFO John Moran sold 19,261 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $25.57, for a total transaction of $492,503.77. Following the completion of the sale, the chief financial officer directly owned 101,467 shares of the company’s stock, valued at $2,594,511.19. This trade represents a 15.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.72% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of ONB. BlackRock Inc. bought a new stake in shares of Old National Bancorp during the second quarter worth $1,215,819,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Old National Bancorp in the second quarter valued at $134,610,000. Bank of America Corp DE acquired a new stake in shares of Old National Bancorp in the second quarter valued at $100,301,000. William Blair Investment Management LLC bought a new position in shares of Old National Bancorp in the second quarter valued at about $99,283,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Old National Bancorp in the second quarter valued at about $90,226,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

Old National Bancorp is a regional bank holding company headquartered in Evansville, Indiana. Founded in 1834, it operates primarily through Old National Bank, serving individuals, businesses and organizations across the Midwest.

The company offers consumer and commercial banking services, including checking and savings accounts, loans, mortgages, treasury management and digital banking. It also provides wealth management and trust services, as well as solutions for businesses and institutional clients.

Old National has expanded over its history through organic growth and acquisitions, building a presence in markets including Indiana, Illinois, Michigan, Wisconsin, Minnesota and Kentucky.