Old National Bancorp (NASDAQ:ONB) Upgraded by Zacks Investment Research to “Hold”

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Zacks Investment Research upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Old National Bancorp is a bank holding company that operates banking offices and ATMs throughout Indiana, Illinois, Ohio, Kentucky, and Tennessee. Through various subsidiaries, Old National provides a broad range of banking services as well as trust and investment management services, insurance brokerage services for both individuals and companies, and investment products. (Company Press Release) “

Separately, BidaskClub upgraded Zillow Group from a buy rating to a strong-buy rating in a report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $21.00.

Shares of Old National Bancorp stock opened at $16.93 on Wednesday. The stock has a market cap of $2.91 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 1.56 and a beta of 0.98. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.76. The business has a 50 day moving average of $16.51. Old National Bancorp has a one year low of $14.45 and a one year high of $20.95.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Monday, April 22nd. The bank reported $0.33 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.02. The firm had revenue of $196.60 million during the quarter, compared to analysts’ expectations of $198.64 million. Old National Bancorp had a return on equity of 8.43% and a net margin of 23.07%. The company’s quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.34 EPS. Equities analysts expect that Old National Bancorp will post 1.34 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Friday, May 31st. Old National Bancorp’s dividend payout ratio is currently 40.31%.

In related news, insider Daryl D. Moore sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $17.15, for a total transaction of $171,500.00. Following the completion of the sale, the insider now directly owns 85,979 shares of the company’s stock, valued at approximately $1,474,539.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.41% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the stock. Lynch & Associates IN lifted its stake in shares of Old National Bancorp by 4.3% during the 1st quarter. Lynch & Associates IN now owns 14,994 shares of the bank’s stock worth $246,000 after acquiring an additional 614 shares during the last quarter. Advisor Group Inc. lifted its stake in shares of Old National Bancorp by 4.8% during the 4th quarter. Advisor Group Inc. now owns 15,148 shares of the bank’s stock worth $232,000 after acquiring an additional 690 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Old National Bancorp by 1.9% during the 1st quarter. Nisa Investment Advisors LLC now owns 36,700 shares of the bank’s stock worth $602,000 after acquiring an additional 700 shares during the last quarter. Resources Investment Advisors Inc. lifted its stake in shares of Old National Bancorp by 13.5% during the 1st quarter. Resources Investment Advisors Inc. now owns 7,755 shares of the bank’s stock worth $127,000 after acquiring an additional 920 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in Old National Bancorp by 1.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 58,328 shares of the bank’s stock valued at $957,000 after purchasing an additional 1,054 shares in the last quarter. 63.87% of the stock is owned by hedge funds and other institutional investors.

About Old National Bancorp

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

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Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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