Old National Bancorp (NASDAQ:ONB) Downgraded by StockNews.com to Sell

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

Other equities research analysts have also issued research reports about the stock. Barclays increased their price objective on shares of Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Royal Bank of Canada increased their price objective on shares of Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 26th. Keefe, Bruyette & Woods increased their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a report on Tuesday, November 26th. Finally, Piper Sandler reissued an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Old National Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Old National Bancorp Stock Up 0.3 %

ONB opened at $23.06 on Tuesday. The firm’s 50-day simple moving average is $20.04 and its 200-day simple moving average is $18.72. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a twelve month low of $15.36 and a twelve month high of $23.76. The firm has a market cap of $7.36 billion, a price-to-earnings ratio of 13.98 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The business had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same quarter in the prior year, the firm earned $0.51 EPS. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. Equities research analysts anticipate that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.43%. Old National Bancorp’s payout ratio is presently 33.94%.

Institutional Trading of Old National Bancorp

A number of hedge funds have recently modified their holdings of ONB. Price T Rowe Associates Inc. MD raised its position in shares of Old National Bancorp by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 172,646 shares of the bank’s stock valued at $3,006,000 after acquiring an additional 10,990 shares during the period. Tidal Investments LLC raised its position in shares of Old National Bancorp by 11.0% in the 1st quarter. Tidal Investments LLC now owns 13,273 shares of the bank’s stock valued at $231,000 after acquiring an additional 1,316 shares during the period. GAMMA Investing LLC raised its position in shares of Old National Bancorp by 194.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,005 shares during the period. First Financial Corp IN raised its position in shares of Old National Bancorp by 176.8% in the 2nd quarter. First Financial Corp IN now owns 6,086 shares of the bank’s stock valued at $105,000 after acquiring an additional 3,887 shares during the period. Finally, Hurlow Wealth Management Group Inc. acquired a new stake in shares of Old National Bancorp in the 2nd quarter valued at approximately $232,000. 83.66% of the stock is currently 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.