Old National Bancorp (NASDAQ:ONB) Downgraded to Sell at BidaskClub

BidaskClub lowered shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a research note released on Tuesday, BidAskClub reports.

A number of other equities analysts also recently weighed in on ONB. Zacks Investment Research downgraded shares of Old National Bancorp from a hold rating to a sell rating in a research note on Wednesday, January 15th. Boenning Scattergood downgraded shares of Old National Bancorp from an outperform rating to a neutral rating in a research note on Friday, October 25th. Finally, ValuEngine downgraded shares of Old National Bancorp from a hold rating to a sell rating in a research note on Wednesday, January 8th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the company. The company currently has a consensus rating of Sell and an average target price of $19.50.

NASDAQ ONB opened at $18.29 on Tuesday. Old National Bancorp has a 1-year low of $15.63 and a 1-year high of $18.74. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $3.11 billion, a PE ratio of 13.25 and a beta of 0.95. The firm’s fifty day simple moving average is $18.20 and its 200-day simple moving average is $17.74.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.06). Old National Bancorp had a return on equity of 8.80% and a net margin of 25.62%. The company had revenue of $196.63 million during the quarter, compared to analyst estimates of $196.10 million. During the same period last year, the company posted $0.32 earnings per share. As a group, analysts predict that Old National Bancorp will post 1.37 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.06%. This is an increase from Old National Bancorp’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, February 28th. Old National Bancorp’s dividend payout ratio is presently 35.86%.

A number of institutional investors have recently bought and sold shares of the business. FTB Advisors Inc. boosted its holdings in Old National Bancorp by 37.6% during the third quarter. FTB Advisors Inc. now owns 2,684 shares of the bank’s stock valued at $46,000 after acquiring an additional 733 shares during the period. Toronto Dominion Bank boosted its holdings in Old National Bancorp by 52.1% during the fourth quarter. Toronto Dominion Bank now owns 2,506 shares of the bank’s stock valued at $46,000 after acquiring an additional 858 shares during the period. Kessler Investment Group LLC bought a new stake in Old National Bancorp during the fourth quarter valued at about $48,000. Quantbot Technologies LP bought a new stake in Old National Bancorp during the fourth quarter valued at about $49,000. Finally, Pinnacle Financial Partners Inc. bought a new stake in Old National Bancorp during the fourth quarter valued at about $56,000. 67.85% of the stock is currently 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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