Old National Bancorp (ONB) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $18.00 target price on the bank’s stock.
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 equities research analysts have also recently commented on the stock. Jefferies Group LLC reiterated a hold rating and set a $18.00 price target on shares of Old National Bancorp in a report on Monday. Hilliard Lyons upgraded shares of Old National Bancorp from an underperform rating to a neutral rating and increased their price objective for the company from $17.00 to $17.50 in a research report on Thursday, April 27th. Finally, Royal Bank of Canada restated a hold rating and set a $19.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 4th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Old National Bancorp presently has an average rating of Hold and an average price target of $16.21.
Old National Bancorp (NASDAQ:ONB) opened at 16.30 on Tuesday. Old National Bancorp has a 52-week low of $11.58 and a 52-week high of $18.95. The company has a market cap of $2.21 billion, a PE ratio of 15.13 and a beta of 1.16. The firm’s 50 day moving average is $16.86 and its 200 day moving average is $17.34.
Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, April 25th. The bank reported $0.28 EPS for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.04. Old National Bancorp had a net margin of 19.18% and a return on equity of 7.68%. The firm had revenue of $148.72 million for the quarter, compared to analysts’ expectations of $152.43 million. During the same quarter in the prior year, the company posted $0.25 earnings per share. Analysts forecast that Old National Bancorp will post $1.06 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be given a dividend of $0.13 per share. The ex-dividend date is Tuesday, May 30th. This represents a $0.52 dividend on an annualized basis and a yield of 3.20%. Old National Bancorp’s dividend payout ratio (DPR) is 49.52%.
In related news, COO James A. Sandgren acquired 2,200 shares of the stock in a transaction that occurred on Monday, May 1st. The shares were bought at an average price of $16.70 per share, for a total transaction of $36,740.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.70% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONB. HighTower Advisors LLC acquired a new position in Old National Bancorp during the third quarter valued at $906,000. Riverhead Capital Management LLC increased its position in Old National Bancorp by 65.4% in the third quarter. Riverhead Capital Management LLC now owns 9,900 shares of the bank’s stock valued at $139,000 after buying an additional 3,916 shares during the last quarter. Principal Financial Group Inc. increased its position in Old National Bancorp by 3.2% in the third quarter. Principal Financial Group Inc. now owns 1,006,419 shares of the bank’s stock valued at $14,150,000 after buying an additional 31,003 shares during the last quarter. Suntrust Banks Inc. increased its position in Old National Bancorp by 3.4% in the third quarter. Suntrust Banks Inc. now owns 20,928 shares of the bank’s stock valued at $294,000 after buying an additional 684 shares during the last quarter. Finally, Strategic Financial Group LLC increased its position in Old National Bancorp by 26.4% in the third quarter. Strategic Financial Group LLC now owns 15,640 shares of the bank’s stock valued at $220,000 after buying an additional 3,262 shares during the last quarter. Institutional investors and hedge funds own 70.77% of the company’s stock.
Old National Bancorp Company Profile
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. The Company focuses on community banking.
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