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

Old National Bancorp (NASDAQ:ONB) had its price target decreased by Citigroup from $31.00 to $30.00 in a research report report published on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the bank’s stock.

Several other brokerages have also weighed in on ONB. Truist Financial upped their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. UBS Group assumed coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price target for the company. Barclays boosted their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Weiss Ratings restated a “buy (b)” rating on shares of Old National Bancorp in a report on Tuesday, September 1st. Finally, Raymond James Financial initiated coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a “market perform” rating for the company. Eleven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.15.

Old National Bancorp Price Performance

Shares of NASDAQ ONB opened at $25.09 on Tuesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. Old National Bancorp has a one year low of $19.39 and a one year high of $27.36. The firm has a market capitalization of $9.60 billion, a P/E ratio of 11.15 and a beta of 0.83. The company’s fifty day moving average is $26.10 and its two-hundred day moving average is $24.66.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results 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. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The business had revenue of $726.86 million during the quarter, compared to the consensus estimate of $716.25 million. During the same quarter last year, the firm posted $0.53 EPS. The business’s revenue was up 13.2% compared to the same quarter last year. Analysts forecast that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

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

Insider Transactions at Old National Bancorp

In other news, insider Nicholas J. 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Chady M. Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the transaction, the chief executive officer owned 63,531 shares of the company’s stock, valued at $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE raised its position in shares of Old National Bancorp by 2.5% in the first quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank’s stock valued at $93,462,000 after buying an additional 102,956 shares during the last quarter. Quantinno Capital Management LP lifted its stake in shares of Old National Bancorp by 200.0% during the first quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank’s stock valued at $3,387,000 after buying an additional 102,159 shares during the period. Deutsche Bank AG acquired a new stake in Old National Bancorp during the second quarter worth approximately $9,460,000. NFJ Investment Group LLC acquired a new stake in Old National Bancorp during the second quarter worth approximately $30,919,000. Finally, Norges Bank purchased a new stake in Old National Bancorp in the 4th quarter worth approximately $72,661,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.