Old National Bancorp (ONB) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a buy rating in a research report report published on Wednesday.

Other equities analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Old National Bancorp from a hold rating to a buy rating and set a $22.00 price objective for the company in a research report on Wednesday, August 1st. ValuEngine upgraded shares of Old National Bancorp from a hold rating to a buy rating in a research report on Friday, September 7th. Boenning Scattergood reiterated a buy rating on shares of Old National Bancorp in a research report on Tuesday, October 23rd. Piper Jaffray Companies set a $20.00 price objective on shares of Old National Bancorp and gave the company a hold rating in a research report on Wednesday, October 24th. Finally, Hovde Group reiterated a hold rating on shares of Old National Bancorp in a research report on Thursday, July 26th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $20.40.

Shares of NASDAQ:ONB opened at $18.34 on Wednesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.86 and a quick ratio of 0.86. Old National Bancorp has a fifty-two week low of $16.36 and a fifty-two week high of $20.95. The firm has a market cap of $2.77 billion, a P/E ratio of 16.67, a P/E/G ratio of 1.71 and a beta of 0.88.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Monday, October 22nd. The bank reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. Old National Bancorp had a net margin of 16.12% and a return on equity of 8.24%. The firm had revenue of $176.80 million during the quarter, compared to analyst estimates of $178.10 million. During the same quarter in the prior year, the business earned $0.29 earnings per share. Research analysts anticipate that Old National Bancorp will post 1.33 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be given a dividend of $0.13 per share. The ex-dividend date is Friday, November 30th. This represents a $0.52 annualized dividend and a yield of 2.84%. Old National Bancorp’s dividend payout ratio (DPR) is currently 47.27%.

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in shares of Old National Bancorp by 10.9% in the 3rd quarter. BlackRock Inc. now owns 21,974,559 shares of the bank’s stock worth $424,108,000 after acquiring an additional 2,157,610 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Old National Bancorp by 2.7% in the 3rd quarter. Vanguard Group Inc. now owns 15,238,108 shares of the bank’s stock worth $294,096,000 after acquiring an additional 405,285 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Old National Bancorp by 2.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 12,035,500 shares of the bank’s stock worth $223,862,000 after acquiring an additional 317,122 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Old National Bancorp by 8.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,754,443 shares of the bank’s stock worth $72,460,000 after acquiring an additional 302,698 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Old National Bancorp by 8.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,971,175 shares of the bank’s stock worth $57,344,000 after acquiring an additional 238,182 shares during the last quarter. Institutional investors and hedge funds own 72.99% of the company’s stock.

About Old National Bancorp

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.

Further Reading: Short Selling

Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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