Old National Bancorp (ONB) Upgraded to Buy by ValuEngine
ValuEngine upgraded shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a buy rating in a research note released on Friday.
A number of other analysts have also commented on the stock. Zacks Investment Research lowered shares of Old National Bancorp from a buy rating to a hold rating in a research note on Saturday, October 28th. BidaskClub upgraded Old National Bancorp from a strong sell rating to a sell rating in a report on Wednesday, September 13th. UBS upgraded Old National Bancorp from a market perform rating to an outperform rating in a report on Tuesday, September 19th. Jefferies Group reiterated a hold rating and issued a $18.00 price objective on shares of Old National Bancorp in a report on Friday, September 15th. Finally, Piper Jaffray Companies initiated coverage on Old National Bancorp in a report on Friday, October 6th. They issued a neutral rating and a $19.00 price objective for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $18.92.
Shares of Old National Bancorp (NASDAQ:ONB) remained flat at $$18.25 during mid-day trading on Friday. 1,120,000 shares of the company’s stock were exchanged, compared to its average volume of 674,513. The firm has a market cap of $2,473.29, a P/E ratio of 15.73 and a beta of 1.03. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 0.86. Old National Bancorp has a fifty-two week low of $15.38 and a fifty-two week high of $18.95.
Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, October 24th. The bank reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.03. The business had revenue of $154.84 million during the quarter, compared to analyst estimates of $152.48 million. Old National Bancorp had a net margin of 21.61% and a return on equity of 8.39%. During the same quarter in the previous year, the business posted $0.25 EPS. analysts forecast that Old National Bancorp will post 1.08 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.52 annualized dividend and a yield of 2.85%. Old National Bancorp’s payout ratio is 47.71%.
A number of large investors have recently made changes to their positions in ONB. Dimensional Fund Advisors LP boosted its position 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 worth $195,853,000 after purchasing an additional 603,021 shares during the last quarter. Koch Industries Inc. acquired a new position in Old National Bancorp in the 2nd quarter valued at about $527,000. State Street Corp increased its position in Old National Bancorp by 9.7% in the 2nd quarter. State Street Corp now owns 6,021,497 shares of the bank’s stock valued at $103,868,000 after acquiring an additional 530,755 shares during the period. Macquarie Group Ltd. increased its position in Old National Bancorp by 25.5% in the 2nd quarter. Macquarie Group Ltd. now owns 2,596,000 shares of the bank’s stock valued at $44,781,000 after acquiring an additional 527,480 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Old National Bancorp by 17.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,548,253 shares of the bank’s stock valued at $61,207,000 after acquiring an additional 517,895 shares during the period. 73.03% of the stock is currently owned by institutional investors and hedge funds.
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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