Old National Bancorp (ONB) Raised to Buy at Zacks Investment Research
Old National Bancorp (NASDAQ:ONB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $16.00 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 15.11% from the company’s current price.
According to Zacks, “Old National Bancorp is a bank holding company that operates banking offices and ATMs throughout Indiana, Illinois, Ohio, Kentucky, and Tennessee. Through various subsidiaries, Old National provides a broad range of banking services as well as trust and investment management services, insurance brokerage services for both individuals and companies, and investment products. (Company Press Release) “
Several other equities analysts also recently commented on ONB. Keefe, Bruyette & Woods upped their price objective on shares of Old National Bancorp from $13.00 to $13.50 and gave the company a “market perform” rating in a report on Tuesday, August 2nd. Hovde Group assumed coverage on shares of Old National Bancorp in a report on Wednesday, August 3rd. They issued a “market perform” rating and a $14.00 price objective on the stock. Finally, Piper Jaffray Cos. assumed coverage on shares of Old National Bancorp in a report on Monday, July 11th. They issued a “neutral” rating and a $13.50 price objective on the stock. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Old National Bancorp presently has an average rating of “Hold” and an average target price of $13.83.
Old National Bancorp (NASDAQ:ONB) opened at 13.90 on Wednesday. The company’s 50-day moving average is $13.88 and its 200 day moving average is $13.03. The company has a market capitalization of $1.88 billion, a P/E ratio of 12.08 and a beta of 1.31. Old National Bancorp has a one year low of $10.69 and a one year high of $15.00.
Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Monday, August 1st. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.08. Old National Bancorp had a net margin of 20.28% and a return on equity of 7.48%. During the same quarter last year, the company earned $0.25 EPS. Analysts predict that Old National Bancorp will post $0.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Thursday, September 1st were paid a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.52 annualized dividend and a dividend yield of 3.74%. Old National Bancorp’s dividend payout ratio (DPR) is presently 45.22%.
In related news, insider Daryl D. Moore sold 33,442 shares of the company’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $13.80, for a total value of $461,499.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.70% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in ONB. Fifth Third Bancorp increased its stake in shares of Old National Bancorp by 1.1% in the second quarter. Fifth Third Bancorp now owns 8,893 shares of the company’s stock worth $111,000 after buying an additional 96 shares during the last quarter. Creative Planning increased its stake in shares of Old National Bancorp by 0.9% in the second quarter. Creative Planning now owns 13,107 shares of the company’s stock worth $164,000 after buying an additional 121 shares during the last quarter. Sei Investments Co. increased its stake in shares of Old National Bancorp by 0.5% in the second quarter. Sei Investments Co. now owns 29,070 shares of the company’s stock worth $365,000 after buying an additional 131 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of Old National Bancorp by 1.1% in the second quarter. Capstone Asset Management Co. now owns 29,146 shares of the company’s stock worth $365,000 after buying an additional 320 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC increased its stake in shares of Old National Bancorp by 9.5% in the second quarter. Quantitative Systematic Strategies LLC now owns 13,628 shares of the company’s stock worth $167,000 after buying an additional 1,182 shares during the last quarter. Hedge funds and other institutional investors own 70.10% of the company’s stock.
About Old National Bancorp
Old National Bancorp is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory, and other traditional banking services. Through its non-bank affiliates, the Company provides full service insurance brokerage services and other financial services.
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