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

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

Separately, Barclays boosted 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 analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

Old National Bancorp Stock Up 6.0 %

Old National Bancorp stock opened at $22.94 on Monday. The stock has a market cap of $7.32 billion, a PE ratio of 13.90 and a beta of 0.82. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a one year low of $14.32 and a one year high of $23.76. The stock has a fifty day moving average of $19.63 and a 200 day moving average of $18.52.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates 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 return on equity of 10.10% and a net margin of 17.93%. Old National Bancorp’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.51 earnings per share. As a group, sell-side analysts predict that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is 33.94%.

Hedge Funds Weigh In On Old National Bancorp

A number of hedge funds have recently made changes to their positions in ONB. Price T Rowe Associates Inc. MD boosted its stake in shares of Old National Bancorp by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 172,646 shares of the bank’s stock worth $3,006,000 after acquiring an additional 10,990 shares during the period. Tidal Investments LLC boosted its stake in shares of Old National Bancorp by 11.0% in the first quarter. Tidal Investments LLC now owns 13,273 shares of the bank’s stock worth $231,000 after acquiring an additional 1,316 shares during the period. Comerica Bank lifted its position in shares of Old National Bancorp by 11.9% in the first quarter. Comerica Bank now owns 299,561 shares of the bank’s stock worth $5,215,000 after buying an additional 31,937 shares in the last quarter. EMC Capital Management lifted its position in shares of Old National Bancorp by 13.9% in the first quarter. EMC Capital Management now owns 22,445 shares of the bank’s stock worth $391,000 after buying an additional 2,735 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Old National Bancorp in the first quarter worth about $48,000. Institutional investors own 83.66% of the company’s stock.

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.