Old National Bancorp (NASDAQ:ONB) Upgraded at StockNews.com

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

Several other research firms have also recently commented on ONB. 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 report on Tuesday, April 9th. Hovde Group initiated coverage on Old National Bancorp in a report on Monday, June 3rd. They issued an outperform rating and a $20.00 price target on the stock. Barclays boosted their price target on Old National Bancorp from $21.00 to $22.00 and gave the company an overweight rating in a report on Monday, June 24th. Finally, Keefe, Bruyette & Woods restated an outperform rating and issued a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Old National Bancorp currently has an average rating of Moderate Buy and an average price target of $19.13.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $17.27 on Friday. The firm has a market capitalization of $5.51 billion, a P/E ratio of 9.34 and a beta of 0.84. The business has a 50-day moving average of $16.78 and a 200-day moving average of $16.62. 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 has a 1 year low of $12.36 and a 1 year high of $17.82.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share (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 company had revenue of $440.20 million during the quarter, compared to analyst estimates of $440.00 million. During the same quarter in the previous year, the business earned $0.54 EPS. The firm’s revenue was down 3.8% on a year-over-year basis. On average, equities analysts anticipate that Old National Bancorp will post 1.82 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Insider Activity at Old National Bancorp

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

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors have recently modified their holdings of ONB. Norges Bank bought a new position in shares of Old National Bancorp in the fourth quarter worth $55,808,000. Channing Capital Management LLC boosted its position in shares of Old National Bancorp by 33.9% during the 4th quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock worth $84,203,000 after acquiring an additional 1,263,060 shares in the last quarter. Verition Fund Management LLC increased its stake in Old National Bancorp by 48.9% in the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock valued at $63,787,000 after acquiring an additional 1,240,952 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Old National Bancorp by 6.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock valued at $241,176,000 after purchasing an additional 841,195 shares in the last quarter. Finally, Foundry Partners LLC raised its position in Old National Bancorp by 2,494.5% during the fourth quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock valued at $8,141,000 after purchasing an additional 463,449 shares in the last quarter. Institutional investors 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.