Old National Bancorp (NASDAQ:ONB) Rating Lowered to Sell at StockNews.com

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

Other equities analysts have also recently issued research reports about the stock. Barclays upped their target price on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an overweight rating in a research note on Friday, September 27th. Hovde Group initiated coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They issued an outperform rating and a $20.00 target price for the company. Finally, Royal Bank of Canada increased 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $19.88.

Old National Bancorp Trading Up 1.7 %

Shares of NASDAQ ONB opened at $18.29 on Tuesday. The company has a market cap of $5.83 billion, a PE ratio of 9.86 and a beta of 0.83. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.93 and a current ratio of 0.94. The firm’s 50 day moving average price is $18.80 and its 200-day moving average price is $17.63. Old National Bancorp has a 52-week low of $12.36 and a 52-week high of $20.43.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. The business had revenue of $750.93 million during the quarter, compared to analyst estimates 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 quarter last year, the company earned $0.54 EPS. On average, equities research analysts expect that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were paid a dividend of $0.14 per share. The ex-dividend date was Thursday, September 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.06%. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Insiders Place Their Bets

In other Old National Bancorp news, insider Kendra L. Vanzo sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total value of $397,000.00. Following the completion of the transaction, the insider now directly owns 117,676 shares in the company, valued at $2,335,868.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO James A. Sandgren sold 25,000 shares of Old National Bancorp stock in a transaction that occurred 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 of the company’s stock, valued at approximately $5,730,935.46. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kendra L. Vanzo sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total value of $397,000.00. Following the completion of the transaction, the insider now directly owns 117,676 shares in the company, valued at approximately $2,335,868.60. This represents a 0.00 % decrease in their ownership of the stock. 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 added to or reduced their stakes in ONB. Leuthold Group LLC bought a new stake in Old National Bancorp in the 1st quarter worth approximately $3,142,000. Wealth Enhancement Advisory Services LLC increased its position in Old National Bancorp by 188.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock worth $885,000 after purchasing an additional 33,615 shares during the last quarter. Hsbc Holdings PLC raised its stake in Old National Bancorp by 330.1% during the fourth 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 in the last quarter. State Board of Administration of Florida Retirement System lifted its position in Old National Bancorp by 35.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank’s stock valued at $1,969,000 after purchasing an additional 29,400 shares during the last quarter. Finally, First Eagle Investment Management LLC grew its stake in shares of Old National Bancorp by 27.9% in the 1st quarter. First Eagle Investment Management LLC now owns 446,698 shares of the bank’s stock worth $7,777,000 after buying an additional 97,350 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.