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

Old National Bancorp (NASDAQ:ONB) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

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

Old National Bancorp Stock Up 0.7 %

NASDAQ:ONB opened at $23.23 on Tuesday. 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 cap of $7.41 billion, a PE ratio of 13.98 and a beta of 0.86. Old National Bancorp has a 52-week low of $15.36 and a 52-week high of $23.76. The stock has a 50-day simple moving average of $20.12 and a 200 day simple moving average of $18.76.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the business earned $0.51 EPS. On average, sell-side analysts expect that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Institutional Trading of Old National Bancorp

Hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. lifted its holdings in Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after purchasing an additional 4,303,071 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Old National Bancorp by 12.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock worth $289,481,000 after buying an additional 1,896,748 shares during the period. Point72 Asset Management L.P. lifted its holdings in shares of Old National Bancorp by 6,650.2% during the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after buying an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Old National Bancorp by 469.7% during the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock worth $19,400,000 after buying an additional 857,158 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Old National Bancorp by 6.6% in the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after acquiring an additional 514,315 shares during the period. Institutional investors and hedge funds 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.