Old National Bancorp (NASDAQ:ONB) Rating Lowered to Strong Sell at BidaskClub
BidaskClub downgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a strong sell rating in a report released on Thursday morning.
Several other research analysts have also recently weighed in on ONB. Keefe, Bruyette & Woods reiterated a hold – neutral rating on shares of Old National Bancorp in a report on Monday, June 12th. Jefferies Group LLC reiterated a hold rating and issued a $18.00 price target on shares of Old National Bancorp in a report on Sunday, June 11th. Hilliard Lyons upgraded shares of Old National Bancorp from an underperform rating to a neutral rating and upped their price target for the company from $17.00 to $17.50 in a report on Thursday, April 27th. Royal Bank Of Canada reiterated a hold rating and issued a $19.00 price target on shares of Old National Bancorp in a report on Tuesday, April 4th. Finally, Zacks Investment Research upgraded shares of Old National Bancorp from a hold rating to a buy rating and set a $19.00 price target for the company in a report on Wednesday, April 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $17.00.
Old National Bancorp (NASDAQ ONB) traded up 0.4858% during trading on Thursday, reaching $16.2787. 541,521 shares of the company were exchanged. Old National Bancorp has a 52-week low of $12.93 and a 52-week high of $18.95. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 15.4594 and a beta of 1.11. The firm has a 50-day moving average of $17.04 and a 200-day moving average of $17.23.
Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02. The firm had revenue of $153.60 million during the quarter, compared to analysts’ expectations of $153.57 million. Old National Bancorp had a net margin of 21.02% and a return on equity of 8.25%. During the same quarter in the previous year, the company earned $0.31 earnings per share. On average, equities analysts forecast that Old National Bancorp will post $1.06 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a $0.13 dividend. This represents a $0.52 annualized dividend 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 (DPR) is presently 49.52%.
In other news, insider John R. Kamin sold 7,332 shares of the business’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $17.03, for a total value of $124,863.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.79% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in ONB. Guggenheim Capital LLC raised its stake in shares of Old National Bancorp by 13.5% in the fourth quarter. Guggenheim Capital LLC now owns 100,974 shares of the bank’s stock worth $1,833,000 after buying an additional 11,989 shares in the last quarter. Norges Bank acquired a new stake in shares of Old National Bancorp during the fourth quarter worth approximately $30,245,000. Teachers Advisors LLC raised its stake in shares of Old National Bancorp by 4.3% in the fourth quarter. Teachers Advisors LLC now owns 229,014 shares of the bank’s stock worth $4,157,000 after buying an additional 9,469 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of Old National Bancorp by 7.1% in the fourth quarter. Macquarie Group Ltd. now owns 1,801,630 shares of the bank’s stock worth $32,700,000 after buying an additional 119,553 shares in the last quarter. Finally, Foundry Partners LLC raised its stake in shares of Old National Bancorp by 13.2% in the first quarter. Foundry Partners LLC now owns 1,008,511 shares of the bank’s stock worth $17,498,000 after buying an additional 117,764 shares in the last quarter. 71.08% of the stock is currently owned by institutional investors and hedge funds.
About Old National Bancorp
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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