Old National Bancorp (ONB) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a report issued on Friday.
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 research analysts have also recently commented on the company. Stephens restated a buy rating and issued a $20.00 target price on shares of Old National Bancorp in a research note on Wednesday, December 19th. BidaskClub cut Old National Bancorp from a buy rating to a hold rating in a research note on Wednesday, December 5th. Boenning Scattergood reiterated a buy rating on shares of Old National Bancorp in a research note on Thursday, January 24th. Finally, ValuEngine cut Old National Bancorp from a hold rating to a sell rating in a research note on Tuesday, January 22nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $20.38.
Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, January 22nd. The bank reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.05). The company had revenue of $204.38 million for the quarter, compared to analyst estimates of $194.62 million. Old National Bancorp had a return on equity of 8.69% and a net margin of 23.05%. During the same quarter in the previous year, the firm posted $0.22 earnings per share. As a group, sell-side analysts predict that Old National Bancorp will post 1.37 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date was Thursday, February 28th. Old National Bancorp’s payout ratio is presently 40.31%.
A number of hedge funds and other institutional investors have recently modified their holdings of ONB. Advisor Group Inc. grew its holdings in shares of Old National Bancorp by 4.8% during the 4th quarter. Advisor Group Inc. now owns 15,148 shares of the bank’s stock worth $232,000 after purchasing an additional 690 shares in the last quarter. Piedmont Investment Advisors Inc. grew its holdings in shares of Old National Bancorp by 2.2% during the 4th quarter. Piedmont Investment Advisors Inc. now owns 35,849 shares of the bank’s stock worth $552,000 after purchasing an additional 778 shares in the last quarter. Crossmark Global Holdings Inc. grew its holdings in shares of Old National Bancorp by 3.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 20,966 shares of the bank’s stock worth $323,000 after purchasing an additional 790 shares in the last quarter. Strs Ohio lifted its position in shares of Old National Bancorp by 9.8% during the 4th quarter. Strs Ohio now owns 10,100 shares of the bank’s stock worth $155,000 after buying an additional 900 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of Old National Bancorp by 2.1% during the 4th quarter. State of Alaska Department of Revenue now owns 50,355 shares of the bank’s stock worth $775,000 after buying an additional 1,025 shares during the last quarter. 63.77% of the stock is currently owned by hedge funds and other institutional investors.
About Old National Bancorp
Old National Bancorp operates as the holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. The company offers deposit accounts, including noninterest-bearing demand, NOW, savings and money market, and time deposits; and loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing.
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