Old National Bancorp (NASDAQ:ONB) Raised to Hold at StockNews.com

StockNews.com upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a report released on Thursday morning.

ONB has been the topic of several other reports. Stephens decreased their price objective on shares of Old National Bancorp from $22.00 to $21.00 and set an overweight rating on the stock in a report on Wednesday, January 24th. Royal Bank of Canada reiterated a sector perform rating and issued a $18.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 9th. Barclays increased their price target on shares of Old National Bancorp from $20.00 to $21.00 and gave the company an overweight rating in a report on Wednesday, April 24th. UBS Group reduced their price objective on Old National Bancorp from $20.00 to $19.00 and set a buy rating for the company in a report on Wednesday, January 24th. Finally, Keefe, Bruyette & Woods reiterated an outperform rating and set a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $18.86.

Old National Bancorp Trading Down 0.5 %

Shares of NASDAQ:ONB opened at $16.57 on Thursday. Old National Bancorp has a 52-week low of $11.66 and a 52-week high of $17.64. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $4.86 billion, a P/E ratio of 8.96 and a beta of 0.83. The company has a 50-day simple moving average of $16.47 and a 200 day simple moving average of $15.95.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The company had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The business’s revenue was down 3.8% on a year-over-year basis. During the same period last year, the firm posted $0.54 earnings per share. Sell-side analysts forecast that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were given a $0.14 dividend. The ex-dividend date was Monday, March 4th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.38%. Old National Bancorp’s payout ratio is 30.27%.

Hedge Funds Weigh In On Old National Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Rise Advisors LLC acquired a new stake in shares of Old National Bancorp during the 1st quarter worth approximately $28,000. Parkside Financial Bank & Trust increased its stake in shares of Old National Bancorp by 57.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock valued at $38,000 after purchasing an additional 949 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Old National Bancorp by 14.5% during the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after buying an additional 1,020 shares in the last quarter. Lynch & Associates IN lifted its position in shares of Old National Bancorp by 18.9% during the 3rd quarter. Lynch & Associates IN now owns 12,167 shares of the bank’s stock worth $177,000 after buying an additional 1,932 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC acquired a new stake in Old National Bancorp in the fourth quarter valued at about $181,000. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.