Old National Bancorp (NASDAQ:ONB) Now Covered by Wells Fargo & Company

Equities research analysts at Wells Fargo & Company assumed coverage on shares of Old National Bancorp (NASDAQ:ONB) in a note issued to investors on Thursday, Marketbeat.com reports. The brokerage set an “overweight” rating and a $30.00 price target on the bank’s stock. Wells Fargo & Company‘s price target points to a potential upside of 17.69% from the company’s previous close.

Several other research analysts also recently commented on ONB. JPMorgan Chase & Co. assumed coverage on Old National Bancorp in a research note on Friday, September 11th. They issued an “overweight” rating and a $32.00 target price for the company. Barclays upped their price target on Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. TD Cowen raised their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Piper Sandler began 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. Finally, Royal Bank Of Canada boosted their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “sector perform” rating in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.15.

Old National Bancorp Stock Performance

ONB traded up $0.40 on Thursday, reaching $25.49. The company had a trading volume of 4,198,737 shares, compared to its average volume of 3,568,270. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.95. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.36. The stock has a market capitalization of $9.75 billion, a PE ratio of 11.33 and a beta of 0.83. The stock has a 50-day moving average price of $26.10 and a 200-day moving average price of $24.66.

Old National Bancorp (NASDAQ:ONB) last issued 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 company had revenue of $726.86 million for the quarter, compared to analyst estimates of $716.25 million. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The business’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.53 earnings per share. As a group, research analysts forecast that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Insider Activity at Old National Bancorp

In related news, insider Nicholas Chulos sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were 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 $1,427,483.04. This represents a 27.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Chady Alahmar sold 11,771 shares of the firm’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 directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

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

About Old National Bancorp

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.