Old National Bancorp (NASDAQ:ONB) Raised to “Hold” at StockNews.com

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

Several other research analysts have also commented on ONB. Barclays boosted their price target on Old National Bancorp from $21.00 to $22.00 and gave the stock an overweight rating in a research report on Monday, June 24th. Keefe, Bruyette & Woods restated an outperform rating and set a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Hovde Group started coverage on Old National Bancorp in a research note on Monday, June 3rd. They set an outperform rating and a $20.00 target price on the stock. Finally, Royal Bank of Canada restated a sector perform rating and set a $18.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 9th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $19.13.

Old National Bancorp Trading Down 0.5 %

ONB opened at $17.10 on Friday. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 9.24 and a beta of 0.84. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. Old National Bancorp has a 12 month low of $12.36 and a 12 month high of $17.82. The stock has a fifty day moving average price of $16.76 and a 200-day moving average price of $16.62.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02. The firm 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 11.31% and a net margin of 20.99%. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 EPS. As a group, equities research analysts anticipate that Old National Bancorp will post 1.82 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Wednesday, June 5th were paid a dividend of $0.14 per share. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 annualized dividend and a yield of 3.27%. Old National Bancorp’s payout ratio is presently 30.27%.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following 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 SEC, which can be accessed through the SEC website. In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following 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 SEC, which can be accessed through the SEC website. 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 sale, the chief financial officer now owns 88,712 shares in the company, valued at approximately $1,444,231.36. The disclosure for this sale can be found here. Company insiders own 1.07% of the company’s stock.

Institutional Trading of Old National Bancorp

A number of hedge funds have recently modified their holdings of ONB. Rise Advisors LLC purchased a new stake in shares of Old National Bancorp in the first quarter worth about $28,000. LRI Investments LLC purchased a new stake in shares of Old National Bancorp in the first quarter worth about $48,000. Parkside Financial Bank & Trust boosted its stake in shares of Old National Bancorp by 24.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after buying an additional 650 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Old National Bancorp by 14.5% in the fourth quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after buying an additional 1,020 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC purchased a new stake in shares of Old National Bancorp in the fourth quarter worth about $181,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.