Old National Bancorp (NASDAQ:ONB) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a research report sent to investors on Thursday.

Other equities analysts have also issued reports about the company. UBS Group reduced their price objective on Old National Bancorp from $20.00 to $19.00 and set a buy rating for the company in a report on Wednesday, January 24th. Royal Bank of Canada reissued a sector perform rating and set a $18.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 9th. Keefe, Bruyette & Woods reissued an outperform rating and set a $20.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 2nd. Stephens reduced their price objective on Old National Bancorp from $22.00 to $21.00 and set an overweight rating for the company in a report on Wednesday, January 24th. Finally, Barclays increased their price objective on Old National Bancorp from $20.00 to $21.00 and gave the company an overweight rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $18.86.

Old National Bancorp Stock Performance

ONB stock opened at $16.89 on Thursday. The firm has a market cap of $4.96 billion, a PE ratio of 9.01 and a beta of 0.83. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95. The business has a 50 day moving average of $16.47 and a 200-day moving average of $15.91. Old National Bancorp has a 12-month low of $11.66 and a 12-month high of $17.64.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.02. The company had revenue of $440.20 million during the quarter, compared to analyst estimates of $440.00 million. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. Old National Bancorp’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share. As a group, sell-side analysts expect that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.32%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s dividend payout ratio is 30.27%.

Institutional Trading of Old National Bancorp

A number of large investors have recently modified their holdings of ONB. Rise Advisors LLC purchased a new position in shares of Old National Bancorp during the first quarter worth about $28,000. Parkside Financial Bank & Trust grew its holdings in shares of Old National Bancorp by 57.2% during the third quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock worth $38,000 after purchasing an additional 949 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Old National Bancorp by 14.5% during the fourth quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after purchasing an additional 1,020 shares in the last quarter. Lynch & Associates IN grew its holdings in shares of Old National Bancorp by 18.9% during the third quarter. Lynch & Associates IN now owns 12,167 shares of the bank’s stock worth $177,000 after purchasing an additional 1,932 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC purchased a new position in shares of Old National Bancorp during the fourth quarter worth about $181,000. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.