StockNews.com Downgrades Old National Bancorp (NASDAQ:ONB) to Sell

StockNews.com cut shares of Old National Bancorp (NASDAQ:ONBFree Report) from a hold rating to a sell rating in a report released on Sunday.

Other analysts have also issued reports about the company. Royal Bank of Canada reissued a sector perform rating and set a $18.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 9th. Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $20.00 target price on shares of Old National Bancorp in a report on Tuesday, April 2nd. Hovde Group assumed coverage on Old National Bancorp in a report on Monday, June 3rd. They issued an outperform rating and a $20.00 target price for the company. Finally, Barclays increased their price objective on Old National Bancorp from $21.00 to $22.00 and gave the company an overweight rating in a report on Monday, June 24th. One investment 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, Old National Bancorp currently has an average rating of Moderate Buy and a consensus target price of $19.13.

Read Our Latest Stock Analysis on Old National Bancorp

Old National Bancorp Trading Up 2.8 %

NASDAQ ONB opened at $17.46 on Friday. The business’s 50-day moving average price is $16.82 and its two-hundred day moving average price is $16.63. Old National Bancorp has a 12 month low of $12.36 and a 12 month high of $17.82. The firm has a market capitalization of $5.57 billion, a PE ratio of 9.44 and a beta of 0.84. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93.

Old National Bancorp (NASDAQ:ONBGet Free Report) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The company had revenue of $440.20 million for the quarter, compared to the consensus estimate of $440.00 million. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. The firm’s revenue was down 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.54 EPS. On average, analysts expect that Old National Bancorp will post 1.82 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Wednesday, June 5th were paid a dividend of $0.14 per share. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 annualized dividend and a yield of 3.21%. Old National Bancorp’s payout ratio is currently 30.27%.

Insider Buying and Selling

In related news, CEO Chady M. Alahmar sold 17,165 shares of the company’s stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brendon B. Falconer sold 49,375 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the completion of the transaction, 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. 1.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,005 shares in the last quarter. Rise Advisors LLC acquired a new stake in shares of Old National Bancorp in the first quarter worth $28,000. LRI Investments LLC acquired a new stake in shares of Old National Bancorp in the first quarter worth $48,000. Parkside Financial Bank & Trust increased its stake in shares of Old National Bancorp by 24.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after acquiring an additional 650 shares during the period. Finally, Quadrant Capital Group LLC increased its stake in shares of Old National Bancorp by 14.5% in the fourth quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after acquiring an additional 1,020 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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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