BidaskClub downgraded shares of Old National Bancorp (NASDAQ:ONB) from a buy rating to a hold rating in a report released on Wednesday morning.

Several other research firms have also weighed in on ONB. ValuEngine lowered Old National Bancorp from a buy rating to a hold rating in a research note on Monday, August 13th. Zacks Investment Research lowered Old National Bancorp from a buy rating to a hold rating in a research note on Tuesday, August 21st. Boenning Scattergood reiterated a buy rating on shares of Old National Bancorp in a research note on Tuesday, October 23rd. Finally, Piper Jaffray Companies set a $20.00 price objective on Old National Bancorp and gave the company a hold rating in a research note on Wednesday, October 24th. Ten equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $20.40.

Shares of ONB stock traded down $0.08 during trading hours on Wednesday, hitting $17.33. The company had a trading volume of 12,940 shares, compared to its average volume of 575,348. Old National Bancorp has a 12 month low of $16.36 and a 12 month high of $20.95. The firm has a market cap of $2.65 billion, a P/E ratio of 15.71, a P/E/G ratio of 1.64 and a beta of 0.87. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.81.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Monday, October 22nd. The bank reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.02. Old National Bancorp had a return on equity of 8.24% and a net margin of 16.12%. The company had revenue of $176.80 million for the quarter, compared to analyst estimates of $178.10 million. During the same period in the prior year, the company posted $0.29 EPS. Sell-side analysts forecast that Old National Bancorp will post 1.33 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be given a dividend of $0.13 per share. The ex-dividend date is Friday, November 30th. This represents a $0.52 dividend on an annualized basis and a yield of 3.00%. Old National Bancorp’s dividend payout ratio (DPR) is presently 47.27%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Qube Research & Technologies Ltd bought a new stake in Old National Bancorp during the 2nd quarter worth approximately $119,000. Schwab Charles Investment Management Inc. grew its position in Old National Bancorp by 11.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 972,627 shares of the bank’s stock worth $18,091,000 after acquiring an additional 100,418 shares during the last quarter. Texas Permanent School Fund grew its position in Old National Bancorp by 10.9% during the 3rd quarter. Texas Permanent School Fund now owns 95,860 shares of the bank’s stock worth $1,850,000 after acquiring an additional 9,432 shares during the last quarter. Heartland Advisors Inc. grew its position in Old National Bancorp by 41.6% during the 3rd quarter. Heartland Advisors Inc. now owns 465,018 shares of the bank’s stock worth $8,975,000 after acquiring an additional 136,549 shares during the last quarter. Finally, MUFG Americas Holdings Corp bought a new stake in Old National Bancorp during the 2nd quarter worth approximately $104,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

About Old National Bancorp

Old National Bancorp operates as the holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. The company offers deposit accounts, including noninterest-bearing demand, NOW, savings and money market, and time deposits; and loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing.

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Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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