Old National Bancorp (ONB) Upgraded at UBS AG
UBS AG upgraded shares of Old National Bancorp (NASDAQ:ONB) from a market perform rating to an outperform rating in a research report sent to investors on Tuesday, The Fly reports.
Other equities analysts have also issued reports about the stock. Zacks Investment Research raised shares of Old National Bancorp from a hold rating to a buy rating and set a $19.00 target price for the company in a report on Wednesday, June 28th. BidaskClub raised shares of Old National Bancorp from a sell rating to a hold rating in a report on Thursday, June 29th. Jefferies Group LLC reaffirmed a hold rating and set a $18.00 target price on shares of Old National Bancorp in a report on Friday, August 11th. Piper Jaffray Companies reaffirmed a hold rating and set a $18.00 target price on shares of Old National Bancorp in a report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods reaffirmed a hold – neutral rating on shares of Old National Bancorp in a report on Monday, June 12th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $18.42.
Shares of Old National Bancorp (NASDAQ:ONB) opened at 17.45 on Tuesday. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 16.57 and a beta of 1.08. The company’s 50-day moving average is $16.37 and its 200 day moving average is $16.79. Old National Bancorp has a 12 month low of $13.53 and a 12 month high of $18.95.
Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, July 25th. The bank reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.02. The firm had revenue of $153.60 million during the quarter, compared to analyst estimates of $153.57 million. Old National Bancorp had a net margin of 21.02% and a return on equity of 8.25%. During the same period in the previous year, the firm earned $0.31 EPS. On average, equities research analysts anticipate that Old National Bancorp will post $1.06 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.52 dividend on an annualized basis and a yield of 2.98%. Old National Bancorp’s dividend payout ratio is currently 49.52%.
In related news, insider John R. Kamin sold 5,531 shares of Old National Bancorp stock in a transaction on Monday, August 14th. The shares were sold at an average price of $16.56, for a total value of $91,593.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John R. Kamin sold 7,332 shares of Old National Bancorp stock in a transaction on Monday, July 17th. The shares were sold at an average price of $17.03, for a total transaction of $124,863.96. The disclosure for this sale can be found here. 1.79% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in ONB. Meadow Creek Investment Management LLC grew its stake in Old National Bancorp by 26.0% in the 1st quarter. Meadow Creek Investment Management LLC now owns 5,968 shares of the bank’s stock valued at $104,000 after acquiring an additional 1,232 shares during the period. Neuburgh Advisers LLC grew its stake in Old National Bancorp by 26.0% in the 1st quarter. Neuburgh Advisers LLC now owns 8,206 shares of the bank’s stock valued at $142,000 after acquiring an additional 1,694 shares during the period. Stifel Financial Corp acquired a new stake in Old National Bancorp in the 1st quarter valued at $178,000. US Bancorp DE grew its stake in Old National Bancorp by 58.9% in the 1st quarter. US Bancorp DE now owns 10,714 shares of the bank’s stock valued at $185,000 after acquiring an additional 3,970 shares during the period. Finally, Paragon Capital Management Ltd acquired a new stake in Old National Bancorp in the 2nd quarter valued at $186,000. 72.62% of the stock is currently owned by hedge funds and other institutional investors.
Old National Bancorp Company Profile
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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