Old National Bancorp (ONB) Rating Increased to Buy at Zacks Investment Research
Old National Bancorp (NASDAQ:ONB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $16.00 price target on the stock. Zacks Investment Research’s price objective indicates a potential upside of 13.48% from the company’s previous close.
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 brokerages have also issued reports on ONB. Hovde Group assumed coverage on shares of Old National Bancorp in a research note on Wednesday, August 3rd. They set a “market perform” rating and a $14.00 target price on the stock. Keefe, Bruyette & Woods increased their target price on shares of Old National Bancorp from $13.00 to $13.50 and gave the stock a “market perform” rating in a research note on Tuesday, August 2nd. Finally, Piper Jaffray Cos. assumed coverage on shares of Old National Bancorp in a research note on Monday, July 11th. They set a “neutral” rating and a $13.50 target price on the stock. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Old National Bancorp has an average rating of “Hold” and a consensus price target of $13.81.
Old National Bancorp (NASDAQ:ONB) opened at 14.09 on Wednesday. The stock’s 50 day moving average is $13.90 and its 200-day moving average is $13.04. The company has a market capitalization of $1.90 billion, a PE ratio of 12.24 and a beta of 1.31. Old National Bancorp has a 12 month low of $10.69 and a 12 month high of $15.00.
Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Monday, August 1st. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.08. Old National Bancorp had a net margin of 20.28% and a return on equity of 7.48%. During the same quarter last year, the firm earned $0.25 EPS. On average, analysts expect that Old National Bancorp will post $0.97 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Thursday, September 1st were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date was Tuesday, August 30th. Old National Bancorp’s dividend payout ratio (DPR) is 45.22%.
In other news, insider Daryl D. Moore sold 33,442 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $13.80, for a total value of $461,499.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.70% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Old National Bancorp by 8.9% in the second quarter. Vanguard Group Inc. now owns 10,947,238 shares of the company’s stock valued at $137,169,000 after buying an additional 897,512 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Old National Bancorp by 21.7% in the second quarter. Dimensional Fund Advisors LP now owns 9,085,602 shares of the company’s stock valued at $113,841,000 after buying an additional 1,619,902 shares in the last quarter. BlackRock Fund Advisors increased its stake in shares of Old National Bancorp by 20.6% in the second quarter. BlackRock Fund Advisors now owns 8,813,113 shares of the company’s stock valued at $110,428,000 after buying an additional 1,504,625 shares in the last quarter. Allianz Asset Management AG increased its stake in shares of Old National Bancorp by 1.8% in the second quarter. Allianz Asset Management AG now owns 3,713,924 shares of the company’s stock valued at $46,535,000 after buying an additional 65,362 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Old National Bancorp by 4.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,432,175 shares of the company’s stock valued at $43,005,000 after buying an additional 155,879 shares in the last quarter. Institutional investors own 70.10% of the company’s stock.
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. Through its non-bank affiliates, the Company provides full service insurance brokerage services and other financial services.
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