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

Old National Bancorp (NASDAQ:ONB) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Monday.

ONB has been the subject of several other research reports. Hovde Group assumed coverage on Old National Bancorp in a report on Monday, June 3rd. They issued an “outperform” rating and a $20.00 price target for the company. Royal Bank of Canada upped their price target on Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. Finally, Barclays lifted 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. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.63.

Old National Bancorp Trading Down 1.8 %

Old National Bancorp stock opened at $18.63 on Monday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 10.07 and a beta of 0.83. Old National Bancorp has a one year low of $12.36 and a one year high of $20.43. The company’s fifty day moving average price is $19.01 and its two-hundred day moving average price is $17.56.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.02. The company had revenue of $750.93 million for the quarter, compared to the consensus estimate of $474.10 million. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. During the same period last year, the business posted $0.54 earnings per share. On average, analysts forecast that Old National Bancorp will post 1.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Old National Bancorp

In other news, CEO James A. Sandgren sold 25,000 shares of Old National Bancorp stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total transaction of $498,500.00. Following the transaction, the chief executive officer now directly owns 287,409 shares of the company’s stock, valued at $5,730,935.46. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Kendra L. Vanzo sold 20,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total transaction of $397,000.00. Following the sale, the insider now directly owns 117,676 shares in the company, valued at $2,335,868.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James A. Sandgren sold 25,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the sale, the chief executive officer now owns 287,409 shares in the company, valued at $5,730,935.46. The disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Forum Financial Management LP increased its stake in shares of Old National Bancorp by 3.9% during the 2nd quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock worth $346,000 after purchasing an additional 748 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of Old National Bancorp by 1.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock worth $1,656,000 after purchasing an additional 919 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after purchasing an additional 1,005 shares during the last quarter. Independence Bank of Kentucky increased its stake in shares of Old National Bancorp by 9.2% during the 1st quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock worth $208,000 after purchasing an additional 1,006 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in shares of Old National Bancorp by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank’s stock worth $6,398,000 after purchasing an additional 1,009 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.