Old National Bancorp (NASDAQ:ONB) Upgraded by StockNews.com to “Hold”

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

A number of other research analysts have also recently issued reports on the company. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $20.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Hovde Group assumed coverage on Old National Bancorp in a research note on Monday, June 3rd. They issued an outperform rating and a $20.00 price target on the stock. Barclays increased their price objective on Old National Bancorp from $21.00 to $22.00 and gave the company an overweight rating in a research note on Monday, June 24th. Finally, Royal Bank of Canada restated a sector perform rating and issued a $18.00 target price on shares of Old National Bancorp in a report on Tuesday, April 9th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $19.13.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $17.19 on Friday. The stock has a market cap of $5.48 billion, a price-to-earnings ratio of 9.29 and a beta of 0.83. The stock’s 50-day moving average is $16.75 and its 200 day moving average is $16.62. 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 1-year low of $12.36 and a 1-year high of $17.82.

Old National Bancorp (NASDAQ:ONB) last posted 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. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The firm had revenue of $440.20 million for the quarter, compared to the consensus estimate of $440.00 million. During the same period last year, the firm posted $0.54 earnings per share. The business’s revenue was down 3.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Old National Bancorp will post 1.82 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. Investors of record on Wednesday, June 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 3.26%. The ex-dividend date was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 30.27%.

Insiders Place Their Bets

In other news, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction dated Tuesday, June 11th. The shares were 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 of the company’s stock, valued at approximately $795,015.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Chady M. Alahmar sold 17,165 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was 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 of the company’s stock, valued at approximately $795,015.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the transaction, the chief financial officer now owns 88,712 shares of the company’s stock, 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 and other institutional investors have recently modified their holdings of ONB. Rise Advisors LLC bought a new stake in Old National Bancorp in the first quarter worth $28,000. LRI Investments LLC bought a new stake in Old National Bancorp during the 1st quarter valued at about $48,000. Parkside Financial Bank & Trust lifted 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 in the last quarter. Quadrant Capital Group LLC lifted 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 in the last quarter. Finally, Legacy Wealth Asset Management LLC purchased a new stake in shares of Old National Bancorp during the fourth quarter valued at approximately $181,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.