Old National Bancorp (ONB) Stock Rating Lowered by Zacks Investment Research
Old National Bancorp (NASDAQ:ONB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
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) “
ONB has been the subject of several other reports. Piper Jaffray Cos. assumed coverage on shares of Old National Bancorp in a research report on Monday, July 11th. They set a “neutral” rating and a $13.50 target price for the company. Keefe, Bruyette & Woods boosted their target price on shares of Old National Bancorp from $13.00 to $13.50 and gave the company a “market perform” rating in a research report on Tuesday, August 2nd. Finally, Hovde Group assumed coverage on shares of Old National Bancorp in a research report on Wednesday, August 3rd. They set a “market perform” rating and a $14.00 target price for the company. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Old National Bancorp currently has an average rating of “Hold” and a consensus target price of $13.81.
Old National Bancorp (NASDAQ:ONB) opened at 14.10 on Tuesday. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 12.25 and a beta of 1.31. The stock has a 50 day moving average of $13.94 and a 200-day moving average of $13.10. Old National Bancorp has a one year low of $10.69 and a one year high of $15.00.
Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Monday, August 1st. The company reported $0.31 earnings per share (EPS) for the quarter, beating the 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 business earned $0.25 earnings per share. On average, equities analysts predict that Old National Bancorp will post $0.97 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Thursday, September 1st were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 3.69%. The ex-dividend date was Tuesday, August 30th. Old National Bancorp’s dividend payout ratio is currently 45.22%.
In other news, insider Daryl D. Moore sold 33,442 shares of the business’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $13.80, for a total value of $461,499.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.70% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Old National Bancorp by 12.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,276,296 shares of the company’s stock valued at $39,938,000 after buying an additional 357,207 shares in the last quarter. Swiss National Bank boosted its stake in shares of Old National Bancorp by 10.5% in the second quarter. Swiss National Bank now owns 208,284 shares of the company’s stock valued at $2,610,000 after buying an additional 19,764 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Old National Bancorp by 153.6% in the first quarter. BlackRock Inc. now owns 8,720 shares of the company’s stock valued at $106,000 after buying an additional 5,282 shares in the last quarter. Tributary Capital Management LLC boosted its stake in shares of Old National Bancorp by 11.4% in the second quarter. Tributary Capital Management LLC now owns 818,918 shares of the company’s stock valued at $10,261,000 after buying an additional 83,894 shares in the last quarter. Finally, Prudential Financial Inc. boosted its stake in shares of Old National Bancorp by 1.6% in the second quarter. Prudential Financial Inc. now owns 1,319,106 shares of the company’s stock valued at $16,528,000 after buying an additional 20,504 shares in the last quarter. 70.10% of the stock is currently 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. Through its non-bank affiliates, the Company provides full service insurance brokerage services and other financial services.
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