Citigroup Cuts Old National Bancorp (NASDAQ:ONB) Price Target to $30.00

Old National Bancorp (NASDAQ:ONB) had its price target cut by stock analysts at Citigroup from $31.00 to $30.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. Citigroup’s price objective would indicate a potential upside of 18.32% from the stock’s current price.

A number of other brokerages have also recently weighed in on ONB. Barclays increased their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Truist Financial upped their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. National Bank Financial set a $32.00 price objective on shares of Old National Bancorp in a research report on Friday, September 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research note on Tuesday, September 1st. Finally, UBS Group began coverage on Old National Bancorp in a report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 target price for the company. Ten research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.17.

Old National Bancorp Stock Performance

Shares of ONB opened at $25.35 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.95. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $27.36. The company has a 50-day moving average of $26.20 and a two-hundred day moving average of $24.61. The stock 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 earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The firm had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. Old National Bancorp’s revenue was up 13.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.53 earnings per share. As a group, research analysts predict that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Insider Buying and Selling

In other news, 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 transaction, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. The trade was a 27.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp 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 transaction, the chief executive officer directly owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Old National Bancorp

Several institutional investors have recently made changes to their positions in ONB. Archer Investment Corp acquired a new stake in Old National Bancorp in the second quarter valued at about $39,000. Integrated Wealth Concepts LLC bought a new position in shares of Old National Bancorp during the second quarter valued at $41,000. FNY Investment Advisers LLC bought a new stake in shares of Old National Bancorp in the 2nd quarter valued at about $49,000. Eurizon Capital SGR S.p.A. acquired a new stake in Old National Bancorp during the 4th quarter valued at approximately $54,000. Finally, Philadelphia Investment Partners LLC bought a new position in shares of Old National Bancorp in the 2nd quarter worth about $81,000. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Company Profile

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.