Old National Bancorp (NASDAQ:ONB) Earns “Hold” Rating from Jefferies Group LLC
Old National Bancorp (NASDAQ:ONB)‘s stock had its “hold” rating reiterated by Jefferies Group LLC in a research report issued on Friday. They currently have a $18.00 target price on the bank’s stock. Jefferies Group LLC’s price target would indicate a potential upside of 10.43% from the stock’s current price.
Several other equities research analysts have also commented on the stock. BidaskClub lowered shares of Old National Bancorp from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $18.00 price target on shares of Old National Bancorp in a report on Wednesday, July 26th. Zacks Investment Research raised shares of Old National Bancorp from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a report on Wednesday, June 28th. Finally, Keefe, Bruyette & Woods reissued a “hold – neutral” rating on shares of Old National Bancorp in a research note on Monday, June 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $18.30.
Shares of Old National Bancorp (ONB) opened at 16.30 on Friday. The firm’s 50-day moving average price is $16.81 and its 200 day moving average price is $17.16. The stock has a market capitalization of $2.21 billion, a P/E ratio of 15.48 and a beta of 1.10. Old National Bancorp has a 52 week low of $13.53 and a 52 week high of $18.95.
Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.29 EPS for the quarter, beating the consensus estimate of $0.27 by $0.02. Old National Bancorp had a net margin of 21.02% and a return on equity of 8.25%. The company had revenue of $153.60 million for the quarter, compared to analyst estimates of $153.57 million. During the same period in the prior year, the company earned $0.31 earnings per share. Analysts expect that Old National Bancorp will post $1.06 earnings per share for the current year.
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In other news, insider John R. Kamin sold 7,332 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $17.03, for a total transaction of $124,863.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.79% of the company’s stock.
Several large investors have recently bought and sold shares of the company. BlackRock Inc. raised its stake in Old National Bancorp by 0.4% in the second quarter. BlackRock Inc. now owns 16,815,750 shares of the bank’s stock valued at $290,072,000 after buying an additional 72,222 shares during the last quarter. Vanguard Group Inc. raised its stake in Old National Bancorp by 1.3% in the second quarter. Vanguard Group Inc. now owns 12,616,903 shares of the bank’s stock valued at $217,642,000 after buying an additional 161,250 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Old National Bancorp by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 11,353,720 shares of the bank’s stock valued at $195,853,000 after buying an additional 603,021 shares during the last quarter. State Street Corp raised its stake in Old National Bancorp by 8.5% in the first quarter. State Street Corp now owns 5,490,742 shares of the bank’s stock valued at $95,272,000 after buying an additional 428,365 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Old National Bancorp by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 3,548,253 shares of the bank’s stock valued at $61,207,000 after buying an additional 517,895 shares during the last quarter. 70.99% of the stock is currently owned by institutional investors and hedge funds.
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. The Company focuses on community banking.
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