Old National Bancorp (ONB) Coverage Initiated at Piper Jaffray Companies
Piper Jaffray Companies started coverage on shares of Old National Bancorp (NASDAQ:ONB) in a report issued on Friday. The brokerage set a “neutral” rating and a $19.00 price target on the bank’s stock. Piper Jaffray Companies’ price objective indicates a potential upside of 3.26% from the company’s previous close.
Other equities research analysts have also recently issued research reports about the company. BidaskClub cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Keefe, Bruyette & Woods restated a “hold – neutral” rating on shares of Old National Bancorp in a research note on Monday, June 12th. Raymond James Financial, Inc. upgraded Old National Bancorp from a “market perform” rating to an “outperform” rating and set a $19.00 price target for the company in a research note on Tuesday, September 19th. UBS AG upgraded Old National Bancorp from a “market perform” rating to an “outperform” rating in a research note on Tuesday, September 19th. Finally, Boenning Scattergood assumed coverage on Old National Bancorp in a research note on Wednesday. They set an “outperform” rating and a $20.50 price target for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $18.83.
Old National Bancorp (NASDAQ:ONB) opened at 18.40 on Friday. The firm’s 50-day moving average is $16.93 and its 200-day moving average is $16.81. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 17.47 and a beta of 1.10. Old National Bancorp has a 52-week low of $13.69 and a 52-week high of $18.95.
Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02. Old National Bancorp had a return on equity of 8.25% and a net margin of 21.02%. The company had revenue of $153.60 million during the quarter, compared to analysts’ expectations of $153.57 million. During the same quarter in the previous year, the business earned $0.31 earnings per share. Analysts predict that Old National Bancorp will post $1.06 earnings per share for the current year.
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In related news, insider John R. Kamin sold 5,531 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $16.56, for a total transaction of $91,593.36. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.79% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System grew its holdings in Old National Bancorp by 0.3% during the second quarter. Arizona State Retirement System now owns 70,636 shares of the bank’s stock worth $1,218,000 after acquiring an additional 200 shares during the period. Creative Planning grew its holdings in Old National Bancorp by 1.0% during the second quarter. Creative Planning now owns 22,590 shares of the bank’s stock worth $390,000 after acquiring an additional 213 shares during the period. Phillips Financial Management LLC grew its holdings in Old National Bancorp by 1.0% during the second quarter. Phillips Financial Management LLC now owns 26,652 shares of the bank’s stock worth $446,000 after acquiring an additional 261 shares during the period. Amalgamated Bank grew its holdings in Old National Bancorp by 1.8% during the second quarter. Amalgamated Bank now owns 18,328 shares of the bank’s stock worth $316,000 after acquiring an additional 326 shares during the period. Finally, Columbia Asset Management grew its holdings in Old National Bancorp by 4.0% during the second quarter. Columbia Asset Management now owns 12,478 shares of the bank’s stock worth $215,000 after acquiring an additional 478 shares during the period. 72.62% of the stock is currently owned by hedge funds and other institutional investors.
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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