Old National Bancorp (NASDAQ:ONB) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a research report report published on Thursday morning.

ONB has been the topic of several other reports. Hovde Group began coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They set an outperform rating and a $20.00 price target on the stock. Royal Bank of Canada restated a sector perform rating and set a $18.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 9th. Barclays raised their price objective on Old National Bancorp from $20.00 to $21.00 and gave the stock an overweight rating in a report on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods reiterated an outperform rating and set a $20.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 2nd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $19.00.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $15.78 on Thursday. Old National Bancorp has a fifty-two week low of $12.36 and a fifty-two week high of $17.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.93. The stock has a market cap of $5.03 billion, a PE ratio of 8.53 and a beta of 0.83. The firm’s fifty day simple moving average is $16.66 and its 200-day simple moving average is $16.57.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. The company had revenue of $440.20 million for the quarter, compared to analyst estimates of $440.00 million. During the same quarter in the prior year, the company earned $0.54 earnings per share. Old National Bancorp’s revenue was down 3.8% compared to the same quarter last year. Analysts expect that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date is Wednesday, June 5th. Old National Bancorp’s payout ratio is 30.27%.

Insider Buying and Selling at Old National Bancorp

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 transaction of $272,923.50. Following the transaction, the chief executive officer now directly owns 50,001 shares in the company, valued at approximately $795,015.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Chady M. Alahmar sold 17,165 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the sale, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at $795,015.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brendon B. Falconer sold 49,375 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total value of $803,825.00. Following the transaction, the chief financial officer now directly owns 88,712 shares in the company, valued at approximately $1,444,231.36. The disclosure for this sale can be found here. 1.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the business. Foundry Partners LLC lifted its stake in Old National Bancorp by 2,494.5% in the fourth quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock valued at $8,141,000 after buying an additional 463,449 shares during the last quarter. Federated Hermes Inc. lifted its position in Old National Bancorp by 18.7% in the 4th quarter. Federated Hermes Inc. now owns 341,484 shares of the bank’s stock valued at $5,768,000 after purchasing an additional 53,792 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Old National Bancorp by 330.1% during the 4th quarter. Hsbc Holdings PLC now owns 93,149 shares of the bank’s stock valued at $1,581,000 after purchasing an additional 71,489 shares during the period. New York State Common Retirement Fund boosted its stake in Old National Bancorp by 31.5% during the 4th quarter. New York State Common Retirement Fund now owns 1,191,832 shares of the bank’s stock valued at $20,130,000 after purchasing an additional 285,603 shares during the period. Finally, Pacer Advisors Inc. grew its position in Old National Bancorp by 79.1% in the 4th quarter. Pacer Advisors Inc. now owns 43,993 shares of the bank’s stock worth $743,000 after purchasing an additional 19,430 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

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.