Old National Bancorp (NASDAQ:ONB) Stock Rating Lowered by StockNews.com

StockNews.com downgraded shares of Old National Bancorp (NASDAQ:ONBFree Report) from a hold rating to a sell rating in a research note released on Friday.

ONB has been the topic of a number of other reports. Hovde Group assumed coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They issued an outperform rating and a $20.00 price objective on the stock. Barclays raised their price objective on shares of Old National Bancorp from $20.00 to $21.00 and gave the company an overweight rating in a research note on Wednesday, April 24th. Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $20.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada reaffirmed a sector perform rating and issued a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $19.00.

View Our Latest Stock Analysis on Old National Bancorp

Old National Bancorp Price Performance

ONB opened at $16.48 on Friday. Old National Bancorp has a one year low of $12.36 and a one year high of $17.82. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.92. The company’s 50 day simple moving average is $16.65 and its 200-day simple moving average is $16.60. The stock has a market capitalization of $5.26 billion, a P/E ratio of 8.91 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONBGet Free Report) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The business had revenue of $440.20 million for the quarter, compared to analysts’ expectations of $440.00 million. During the same period in the prior year, the firm earned $0.54 earnings per share. Old National Bancorp’s revenue was down 3.8% compared to the same quarter last year. Sell-side analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Wednesday, June 5th were issued a $0.14 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 annualized dividend and a yield of 3.40%. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Insiders Place Their Bets

In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the sale, the chief executive officer now directly owns 50,001 shares in the company, valued at $795,015.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total transaction of $272,923.50. Following the sale, the chief executive officer now directly owns 50,001 shares in the company, valued at $795,015.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the sale, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The disclosure for this sale can be found here. Company insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Deutsche Bank AG grew its position in Old National Bancorp by 18.2% in the third quarter. Deutsche Bank AG now owns 148,602 shares of the bank’s stock valued at $2,161,000 after purchasing an additional 22,839 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Old National Bancorp by 5.9% in the third quarter. PNC Financial Services Group Inc. now owns 15,633 shares of the bank’s stock valued at $227,000 after purchasing an additional 876 shares in the last quarter. QRG Capital Management Inc. bought a new position in Old National Bancorp in the third quarter valued at $360,000. Hsbc Holdings PLC grew its position in Old National Bancorp by 12.1% in the third quarter. Hsbc Holdings PLC now owns 21,660 shares of the bank’s stock valued at $315,000 after purchasing an additional 2,331 shares in the last quarter. Finally, Mariner LLC grew its position in Old National Bancorp by 15.8% in the third quarter. Mariner LLC now owns 50,672 shares of the bank’s stock valued at $737,000 after purchasing an additional 6,914 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

About Old National Bancorp

(Get Free Report)

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

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Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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