Old National Bancorp (NASDAQ:ONB) Given “Hold” Rating at Piper Jaffray Companies
Piper Jaffray Companies restated their hold rating on shares of Old National Bancorp (NASDAQ:ONB) in a research note issued to investors on Wednesday. The brokerage currently has a $18.00 target price on the bank’s stock.
Other research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Old National Bancorp from a hold rating to a buy rating and set a $18.00 target price on the stock in a report on Tuesday, May 16th. Royal Bank Of Canada reiterated a hold rating and issued a $19.00 target price on shares of Old National Bancorp in a report on Tuesday, April 4th. Jefferies Group LLC reiterated a hold rating and issued a $18.00 target price on shares of Old National Bancorp in a report on Monday, May 15th. Finally, BidaskClub upgraded Old National Bancorp from a sell rating to a hold rating in a report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $17.00.
Old National Bancorp (ONB) opened at 16.20 on Wednesday. The company’s 50-day moving average price is $17.04 and its 200 day moving average price is $17.23. Old National Bancorp has a 1-year low of $12.93 and a 1-year high of $18.95. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of 15.38 and a beta of 1.11.
Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, July 25th. The bank reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02. Old National Bancorp had a return on equity of 8.25% and a net margin of 21.02%. The firm had revenue of $153.60 million for the quarter, compared to analysts’ expectations of $153.57 million. During the same quarter last year, the firm earned $0.31 earnings per share. On average, equities analysts expect that Old National Bancorp will post $1.06 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Wednesday, August 30th. Old National Bancorp’s dividend payout ratio is presently 49.52%.
In related news, insider John R. Kamin sold 7,332 shares of the business’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $17.03, for a total value of $124,863.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO James A. Sandgren purchased 2,200 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The stock was acquired at an average price of $16.70 per share, for a total transaction of $36,740.00. The disclosure for this purchase can be found here. Insiders own 1.79% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Texas Permanent School Fund boosted its position in Old National Bancorp by 1.0% in the second quarter. Texas Permanent School Fund now owns 98,835 shares of the bank’s stock valued at $1,705,000 after buying an additional 980 shares during the period. Rothschild Asset Management Inc. boosted its position in Old National Bancorp by 1.9% in the second quarter. Rothschild Asset Management Inc. now owns 566,655 shares of the bank’s stock valued at $9,775,000 after buying an additional 10,299 shares during the period. Great West Life Assurance Co. Can boosted its position in Old National Bancorp by 3.7% in the second quarter. Great West Life Assurance Co. Can now owns 197,045 shares of the bank’s stock valued at $3,389,000 after buying an additional 7,100 shares during the period. Taylor Cottrill Erickson & Associates Inc. acquired a new position in Old National Bancorp during the second quarter valued at approximately $995,000. Finally, Municipal Employees Retirement System of Michigan boosted its position in Old National Bancorp by 7.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 39,200 shares of the bank’s stock valued at $676,000 after buying an additional 2,620 shares during the period. Institutional investors and hedge funds own 71.10% of the company’s stock.
Old National Bancorp Company Profile
Old National Bancorp is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory and other traditional banking services. The Company focuses on community banking.
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