Old National Bancorp (ONB) Downgraded by Zacks Investment Research to Hold
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) “
A number of other research firms have also weighed in on ONB. 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 target price for the company. Keefe, Bruyette & Woods lifted their price objective on shares of Old National Bancorp from $13.00 to $13.50 and gave the stock a market perform rating in a research note on Tuesday, August 2nd. Finally, Piper Jaffray Cos. initiated coverage on shares of Old National Bancorp in a research note on Monday, July 11th. They set a neutral rating and a $13.50 price objective for the company. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Old National Bancorp currently has an average rating of Hold and a consensus target price of $13.81.
Old National Bancorp (NASDAQ:ONB) remained flat at $14.10 during trading on Tuesday. The company had a trading volume of 78,314 shares. The stock has a market capitalization of $1.90 billion, a P/E ratio of 12.25 and a beta of 1.31. The stock’s 50-day moving average is $13.93 and its 200-day moving average is $13.10. Old National Bancorp has a 52 week low of $10.69 and a 52 week high of $15.00.
Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Monday, August 1st. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates 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 period last year, the firm earned $0.25 earnings per share. Analysts expect that Old National Bancorp will post $0.97 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Thursday, September 1st were issued a $0.13 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $0.52 dividend on an annualized basis and a yield of 3.69%. Old National Bancorp’s dividend payout ratio is presently 45.22%.
In other Old National Bancorp news, insider Daryl D. Moore sold 33,442 shares of the business’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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in ONB. Vaughan Nelson Investment Management L.P. bought a new position in Old National Bancorp during the second quarter valued at about $30,845,000. Emerald Acquisition Ltd. bought a new position in Old National Bancorp during the second quarter valued at about $24,624,000. FJ Capital Management LLC bought a new position in Old National Bancorp during the second quarter valued at about $20,450,000. Dimensional Fund Advisors LP increased its position in Old National Bancorp by 21.7% in the second quarter. Dimensional Fund Advisors LP now owns 9,085,602 shares of the company’s stock valued at $113,841,000 after buying an additional 1,619,902 shares during the period. Finally, BlackRock Fund Advisors increased its position in Old National Bancorp by 20.6% in the second quarter. BlackRock Fund Advisors now owns 8,813,113 shares of the company’s stock valued at $110,428,000 after buying an additional 1,504,625 shares during the period. Institutional investors and hedge funds 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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