Old National Bancorp (NASDAQ:ONB) Stock Rating Upgraded by StockNews.com

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

A number of other research firms have also commented on ONB. Hovde Group initiated coverage on Old National Bancorp in a research report on Monday, June 3rd. They issued an outperform rating and a $20.00 price target on the stock. Royal Bank of Canada reaffirmed a sector perform rating and issued a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods reissued an outperform rating and set a $20.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Finally, Barclays boosted their price target on shares of Old National Bancorp from $20.00 to $21.00 and gave the stock an overweight rating in a research report on Wednesday, April 24th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $19.00.

Old National Bancorp Stock Down 0.8 %

NASDAQ:ONB opened at $15.78 on Thursday. Old National Bancorp has a one year low of $12.36 and a one year high of $17.82. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $5.03 billion, a PE ratio of 8.53 and a beta of 0.83. The firm’s 50 day simple moving average is $16.66 and its 200 day simple moving average is $16.57.

Old National Bancorp (NASDAQ:ONB) last released its quarterly 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. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The firm had revenue of $440.20 million during the quarter, compared to the consensus estimate of $440.00 million. During the same quarter last year, the firm earned $0.54 earnings per share. The company’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, research analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Wednesday, June 5th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 3.55%. The ex-dividend date is Wednesday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Insider Transactions at Old National Bancorp

In other news, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the sale, the chief executive officer now owns 50,001 shares in the company, valued at approximately $795,015.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the sale, the chief executive officer now directly owns 50,001 shares in the company, valued at approximately $795,015.90. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Brendon B. Falconer sold 49,375 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the sale, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.

Hedge Funds Weigh In On Old National Bancorp

Institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Old National Bancorp in the 4th quarter worth about $55,808,000. Channing Capital Management LLC raised its stake in shares of Old National Bancorp by 550.2% in the third quarter. Channing Capital Management LLC now owns 3,722,335 shares of the bank’s stock worth $54,123,000 after purchasing an additional 3,149,806 shares during the last quarter. Verition Fund Management LLC lifted its holdings in shares of Old National Bancorp by 48.9% in the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock valued at $63,787,000 after purchasing an additional 1,240,952 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Old National Bancorp by 6.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock valued at $241,176,000 after buying an additional 841,195 shares during the last quarter. Finally, Foundry Partners LLC boosted its position in shares of Old National Bancorp by 2,494.5% during the fourth quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock valued at $8,141,000 after buying an additional 463,449 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

About Old National Bancorp

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.