Old National Bancorp (ONB) Downgraded by BidaskClub
BidaskClub cut shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a research report released on Thursday.
A number of other brokerages have also weighed in on ONB. Boenning Scattergood set a $21.00 price target on shares of Old National Bancorp and gave the company a buy rating in a research note on Thursday, October 26th. Zacks Investment Research lowered shares of Old National Bancorp from a buy rating to a hold rating in a research note on Saturday, October 28th. Piper Jaffray Companies assumed coverage on shares of Old National Bancorp in a research note on Friday, October 6th. They issued a neutral rating and a $19.00 price target on the stock. Raymond James Financial, Inc. raised shares of Old National Bancorp from a market perform rating to an outperform rating and set a $19.00 price target on the stock in a research note on Tuesday, September 19th. Finally, UBS AG raised shares of Old National Bancorp from a market perform rating to an outperform rating in a research note on Tuesday, September 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. Old National Bancorp presently has a consensus rating of Hold and a consensus price target of $18.92.
Old National Bancorp (NASDAQ ONB) traded down $0.10 during trading on Thursday, reaching $16.95. 609,400 shares of the company traded hands, compared to its average volume of 774,720. Old National Bancorp has a twelve month low of $15.21 and a twelve month high of $18.95. The company has a market cap of $2,297.11, a price-to-earnings ratio of 14.61 and a beta of 1.04. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.95.
Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, October 24th. The bank reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. Old National Bancorp had a net margin of 21.61% and a return on equity of 8.39%. The business had revenue of $154.84 million for the quarter, compared to analyst estimates of $152.48 million. During the same quarter last year, the firm earned $0.25 EPS. research analysts anticipate that Old National Bancorp will post 1.08 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date is Thursday, November 30th. Old National Bancorp’s dividend payout ratio is presently 47.71%.
In other news, insider John R. Kamin sold 5,531 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $16.56, for a total value of $91,593.36. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.79% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Advisor Group Inc. lifted its position in shares of Old National Bancorp by 219.1% in the third quarter. Advisor Group Inc. now owns 9,921 shares of the bank’s stock worth $181,000 after purchasing an additional 6,812 shares in the last quarter. Paragon Capital Management Ltd bought a new stake in shares of Old National Bancorp in the second quarter worth $186,000. Teacher Retirement System of Texas increased its holdings in Old National Bancorp by 7.1% during the second quarter. Teacher Retirement System of Texas now owns 10,821 shares of the bank’s stock worth $187,000 after buying an additional 717 shares during the last quarter. Adviser Investments LLC acquired a new position in Old National Bancorp during the third quarter worth $212,000. Finally, 361 Capital LLC acquired a new position in Old National Bancorp during the third quarter worth $213,000. 71.70% 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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