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ONB · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Old National Bancorp (ONB) stock moving?
ONB has traded in a tight range over the last 30 days, between a low of $24.73 and a high of $26.57, and closed at $25.26 on Nov 10, close to where it started the period at $25.16 on Oct 22. The stock rallied to a $25.77 close on Nov 2 and touched an intraday high of $26.57 on Nov 5, but it reversed to close at $25.05 that day and fell further to $24.93 on Nov 6. It has since recovered to about $25.3. Volume has faded from roughly 4-7 million shares a day in late October to about 2.3-3.0 million over the last three sessions, so the recent moves are not backed by strong participation. The main news is Wells Fargo's Nov 9 note, which kept an Overweight rating but cut the price target to $29, implying roughly 15% upside from the current price. The Nov 4 Regulation FD filing and the Oct 21 results release are relevant, but the filing excerpts provided do not show their figures or contents, so they cannot be used to judge the fundamentals. Overall the evidence is thin and mixed: the rating supports the stock, while the lower target and the failed Nov 5 breakout argue for caution.
News behind the analysis
- Wells Fargo Maintains Overweight on Old National Bancorp, Lowers Price Target to $29Wells Fargo kept its Overweight rating on ONB but lowered its price target to $29, about 15% above the Nov 10 close of $25.26.
- Form 8-K: Regulation FD disclosure (investor materials)Executives said they may use filed presentation materials in investor meetings. The excerpt provided does not show the deck's contents.
- Form 8-K: Results of operations (Item 2.02)Company announced its financial results for the period in a press release filed under Item 2.02. The excerpt provided does not include the figures.
- Form 10-Q quarterly reportQuarterly report filed on Oct 28. No text was provided, so its contents could not be reviewed.
About Old National Bancorp
Old National Bancorp is the holding company for Old National Bank, a Midwest regional bank founded in 1834 and based in Evansville, Indiana. It has grown into one of the larger US regional banks, with about $58 billion in deposits, mainly by buying other banks. Its recent deals include First Midwest in 2022 and Minnesota-based Bremer.
How it makes money
Most of its revenue, roughly three-quarters or more, is net interest income. That is the gap between the interest it earns on commercial, real estate and consumer loans and securities, and what it pays depositors and other lenders. The rest is fee income, about $140 million a quarter recently, from wealth management, mortgage banking, capital markets, card and service charges.
What usually moves ONB
- Interest rates and net interest margin
- Deposit competition and funding costs
- Commercial loan growth and credit quality
- Merger integration and acquisition activity
- Midwest economic conditions