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

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

Several other equities analysts have also recently commented on ONB. Keefe, Bruyette & Woods reiterated an outperform rating and set a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Royal Bank of Canada reiterated 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. Hovde Group assumed coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They set an outperform rating and a $20.00 target price for the company. Finally, Barclays upped their target price on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an overweight rating in a research note on Monday, June 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $19.63.

Old National Bancorp Trading Up 1.5 %

Old National Bancorp stock opened at $20.22 on Wednesday. The company’s fifty day simple moving average is $17.32 and its 200-day simple moving average is $16.84. The company has a quick ratio of 0.92, a current ratio of 0.94 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 $20.38. The stock has a market cap of $6.45 billion, a P/E ratio of 10.93 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. The business had revenue of $750.93 million for the quarter, compared to analyst estimates of $474.10 million. Old National Bancorp had a return on equity of 15.42% and a net margin of 18.83%. During the same quarter in the prior year, the firm posted $0.54 EPS. As a group, sell-side analysts forecast that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th were paid a $0.14 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.77%. Old National Bancorp’s payout ratio is currently 30.27%.

Insider Activity

In related news, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now 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 can be accessed through this link. 1.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Old National Bancorp

Hedge funds have recently modified their holdings of the stock. Leuthold Group LLC acquired a new stake in Old National Bancorp in the 1st quarter valued at $3,142,000. Foundry Partners LLC boosted its holdings in Old National Bancorp by 2,494.5% during the 4th quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock worth $8,141,000 after acquiring an additional 463,449 shares during the last quarter. Federated Hermes Inc. boosted its holdings in Old National Bancorp by 18.7% during the 4th quarter. Federated Hermes Inc. now owns 341,484 shares of the bank’s stock worth $5,768,000 after acquiring an additional 53,792 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in Old National Bancorp by 330.1% during the 4th quarter. Hsbc Holdings PLC now owns 93,149 shares of the bank’s stock worth $1,581,000 after acquiring an additional 71,489 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its holdings in Old National Bancorp by 35.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank’s stock worth $1,969,000 after acquiring an additional 29,400 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

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.