StockNews.com Initiates Coverage on Old National Bancorp (NASDAQ:ONB)

StockNews.com started coverage on shares of Old National Bancorp (NASDAQ:ONB – Get Rating) in a report issued on Thursday morning. The brokerage issued a hold rating on the bank’s stock.

Separately, UBS Group assumed coverage on shares of Old National Bancorp in a research note on Wednesday. They issued a neutral rating and a $16.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Old National Bancorp presently has a consensus rating of Hold and a consensus target price of $20.25.

Old National Bancorp Price Performance

NASDAQ ONB opened at $14.39 on Thursday. The company has a market cap of $4.22 billion, a P/E ratio of 10.35 and a beta of 0.84. Old National Bancorp has a 1 year low of $14.06 and a 1 year high of $20.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93. The company has a fifty day simple moving average of $17.39 and a 200 day simple moving average of $17.75.

Old National Bancorp (NASDAQ:ONB – Get Rating) last posted its quarterly earnings data on Tuesday, January 24th. The bank reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.01). The business had revenue of $622.86 million for the quarter, compared to analyst estimates of $471.30 million. Old National Bancorp had a return on equity of 11.30% and a net margin of 23.10%. During the same period in the prior year, the firm posted $0.34 EPS. On average, sell-side analysts predict that Old National Bancorp will post 2.16 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st were paid a dividend of $0.14 per share. The ex-dividend date was Tuesday, February 28th. This represents a $0.56 dividend on an annualized basis and a yield of 3.89%. Old National Bancorp’s dividend payout ratio is currently 40.29%.

Insider Activity

In related news, Chairman Michael L. Scudder sold 9,308 shares of the company’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $17.75, for a total value of $165,217.00. Following the sale, the chairman now owns 204,297 shares of the company’s stock, valued at $3,626,271.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Chairman Michael L. Scudder sold 9,308 shares of the company’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $17.75, for a total value of $165,217.00. Following the sale, the chairman now directly owns 204,297 shares in the company, valued at approximately $3,626,271.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Michael L. Scudder sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $18.00, for a total value of $450,000.00. Following the transaction, the chairman now owns 265,796 shares of the company’s stock, valued at approximately $4,784,328. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,308 shares of company stock worth $1,510,217. 0.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Old National Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Old National Bancorp by 50.0% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,603 shares of the bank’s stock worth $26,000 after acquiring an additional 534 shares in the last quarter. Group One Trading L.P. increased its stake in shares of Old National Bancorp by 472.0% in the third quarter. Group One Trading L.P. now owns 1,836 shares of the bank’s stock valued at $30,000 after buying an additional 1,515 shares in the last quarter. Toth Financial Advisory Corp bought a new position in shares of Old National Bancorp in the fourth quarter valued at about $34,000. Money Concepts Capital Corp acquired a new position in Old National Bancorp during the 4th quarter worth about $39,000. Finally, Quadrant Capital Group LLC grew its holdings in Old National Bancorp by 54.6% during the 3rd quarter. Quadrant Capital Group LLC now owns 2,238 shares of the bank’s stock worth $37,000 after acquiring an additional 790 shares during the last quarter. 76.41% of the stock is currently owned by institutional investors and hedge funds.

About Old National Bancorp

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Old National Bancorp operates as a financial holding company. It engages in the provision of financial and banking solutions. The firm’s Community Banking segment provides commercial, real estate and consumer loans, time deposits, checking and savings accounts, cash management, brokerage, trust and investment advisory services.