Old National Bancorp (ONB) Lifted to “Buy” 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 report released on Thursday, May 25th. Zacks Investment Research currently has $18.00 price objective 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) “
Several other analysts also recently issued reports on ONB. Jefferies Group LLC reissued a hold rating and issued a $18.00 price target on shares of Old National Bancorp in a research report on Monday, May 15th. Hilliard Lyons upgraded Old National Bancorp from an underperform rating to a neutral rating and raised their price objective for the company from $17.00 to $17.50 in a research note 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 note on Tuesday, April 4th. Eight equities research analysts have rated the stock with a hold rating, Old National Bancorp has a consensus rating of Hold and a consensus target price of $16.21.
Old National Bancorp (NASDAQ:ONB) traded down 1.18% on Thursday, hitting $16.70. 815,598 shares of the stock traded hands. The stock has a 50-day moving average price of $16.67 and a 200 day moving average price of $17.42. The stock has a market cap of $2.26 billion, a P/E ratio of 15.51 and a beta of 1.12. Old National Bancorp has a 12-month low of $11.58 and a 12-month high of $18.95.
Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, April 25th. The bank reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.04. Old National Bancorp had a net margin of 20.00% and a return on equity of 7.81%. The business had revenue of $148.72 million during the quarter, compared to the consensus estimate of $152.43 million. During the same quarter last year, the firm posted $0.25 EPS. On average, equities analysts expect that Old National Bancorp will post $1.06 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Tuesday, May 30th. Old National Bancorp’s dividend payout ratio (DPR) is currently 48.15%.
In other news, COO James A. Sandgren purchased 2,200 shares of the business’s stock in a transaction on Monday, May 1st. The stock was acquired at an average price of $16.70 per share, for a total transaction of $36,740.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 1.79% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of ONB. Meadow Creek Investment Management LLC raised its stake in shares of Old National Bancorp by 26.0% in the first quarter. Meadow Creek Investment Management LLC now owns 5,968 shares of the bank’s stock worth $104,000 after buying an additional 1,232 shares during the period. Capital Analysts LLC purchased a new stake in shares of Old National Bancorp during the fourth quarter worth $109,000. North Star Investment Management Corp. raised its stake in shares of Old National Bancorp by 25.2% in the first quarter. North Star Investment Management Corp. now owns 6,077 shares of the bank’s stock worth $105,000 after buying an additional 1,225 shares during the period. Neuburgh Advisers LLC raised its stake in shares of Old National Bancorp by 26.0% in the first quarter. Neuburgh Advisers LLC now owns 8,206 shares of the bank’s stock worth $142,000 after buying an additional 1,694 shares during the period. Finally, Tyers Asset Management LLC bought a new position in shares of Old National Bancorp during the fourth quarter worth about $150,000. 72.03% of the stock is owned by hedge funds and other institutional investors.
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. The Company focuses on community banking.
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