Old National Bancorp (ONB) Raised to “Hold” at BidaskClub

BidaskClub upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a research note issued to investors on Friday morning.

A number of other research analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Old National Bancorp from a hold rating to a buy rating and set a $23.00 target price for the company in a research report on Tuesday, September 25th. ValuEngine downgraded shares of Old National Bancorp from a buy rating to a hold rating in a report on Monday, September 24th. Hovde Group reaffirmed a hold rating on shares of Old National Bancorp in a report on Thursday, July 26th. Royal Bank of Canada reaffirmed a hold rating and issued a $21.00 price objective on shares of Old National Bancorp in a report on Tuesday, July 24th. Finally, Boenning Scattergood reaffirmed a buy rating on shares of Old National Bancorp in a report on Monday, July 23rd. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $20.44.

Old National Bancorp stock opened at $19.89 on Friday. Old National Bancorp has a twelve month low of $16.36 and a twelve month high of $20.95. The company has a market cap of $2.94 billion, a PE ratio of 18.08, a P/E/G ratio of 1.84 and a beta of 0.85. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.91.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Monday, July 23rd. The bank reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.03. Old National Bancorp had a net margin of 15.19% and a return on equity of 8.08%. The firm had revenue of $184.10 million during the quarter, compared to the consensus estimate of $174.05 million. During the same period in the prior year, the firm earned $0.28 EPS. The company’s revenue was up 19.9% compared to the same quarter last year. On average, equities analysts expect that Old National Bancorp will post 1.31 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 18th. Investors of record on Tuesday, September 4th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Friday, August 31st. Old National Bancorp’s dividend payout ratio (DPR) is presently 47.27%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. boosted its holdings in Old National Bancorp by 11.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 972,627 shares of the bank’s stock worth $18,091,000 after buying an additional 100,418 shares during the period. Qube Research & Technologies Ltd bought a new position in Old National Bancorp in the 2nd quarter worth approximately $119,000. MUFG Americas Holdings Corp bought a new position in Old National Bancorp in the 2nd quarter worth approximately $104,000. Piedmont Investment Advisors LLC boosted its holdings in Old National Bancorp by 10.2% in the 2nd quarter. Piedmont Investment Advisors LLC now owns 31,505 shares of the bank’s stock worth $586,000 after buying an additional 2,904 shares during the period. Finally, CWM LLC lifted its stake in Old National Bancorp by 48,420.0% in the 2nd quarter. CWM LLC now owns 31,538 shares of the bank’s stock worth $587,000 after purchasing an additional 31,473 shares in the last quarter. 73.48% of the stock is owned by institutional investors.

Old National Bancorp Company Profile

Old National Bancorp operates as the holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. The company offers deposit accounts, including noninterest-bearing demand, NOW, savings and money market, and time deposits; and loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing.

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Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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