Old National Bancorp (NASDAQ:ONB) Upgraded 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 research report sent to investors on Monday.

Separately, Barclays increased their price target on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Price Performance

NASDAQ ONB opened at $23.14 on Monday. The stock has a 50 day moving average price of $19.80 and a 200-day moving average price of $18.59. Old National Bancorp has a one year low of $14.32 and a one year high of $23.76. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting 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 during the quarter, compared to analyst estimates of $482.20 million. During the same quarter last year, the business earned $0.51 earnings per share. Old National Bancorp’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, equities analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s dividend payout ratio is presently 33.94%.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors have recently modified their holdings of ONB. GAMMA Investing LLC grew its position in shares of Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after buying an additional 1,005 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after acquiring an additional 1,325 shares in the last quarter. HHM Wealth Advisors LLC purchased a new position in Old National Bancorp during the 2nd quarter valued at about $28,000. LRI Investments LLC bought a new stake in shares of Old National Bancorp in the 1st quarter valued at about $48,000. Finally, Quest Partners LLC purchased a new stake in shares of Old National Bancorp in the 3rd quarter worth approximately $91,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.