Old National Bancorp (NASDAQ:ONB) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a research note published on Thursday.

A number of other equities analysts have also recently issued reports on ONB. Royal Bank of Canada restated a sector perform rating and set a $18.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 9th. Barclays lifted their target price on Old National Bancorp from $20.00 to $21.00 and gave the company an overweight rating in a research report on Wednesday. UBS Group decreased their target price on Old National Bancorp from $20.00 to $19.00 and set a buy rating for the company in a research report on Wednesday, January 24th. Stephens reduced their price target on Old National Bancorp from $22.00 to $21.00 and set an overweight rating for the company in a research report on Wednesday, January 24th. Finally, Keefe, Bruyette & Woods reissued an outperform rating and issued a $20.00 price target on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Old National Bancorp presently has a consensus rating of Moderate Buy and a consensus target price of $18.86.

Old National Bancorp Price Performance

ONB opened at $16.89 on Thursday. The business has a fifty day moving average of $16.47 and a 200 day moving average of $15.91. Old National Bancorp has a 52-week low of $11.66 and a 52-week high of $17.64. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95. The stock has a market cap of $4.96 billion, a P/E ratio of 9.01 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The company had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. During the same quarter in the previous year, the business earned $0.54 EPS. Old National Bancorp’s revenue was down 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.56 dividend on an annualized basis and a yield of 3.32%. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Hedge Funds Weigh In On Old National Bancorp

A number of hedge funds have recently made changes to their positions in ONB. Rise Advisors LLC acquired a new position in shares of Old National Bancorp during the first quarter valued at approximately $28,000. Parkside Financial Bank & Trust raised its holdings in shares of Old National Bancorp by 57.2% during the third quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock valued at $38,000 after acquiring an additional 949 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Old National Bancorp by 14.5% during the fourth quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock valued at $136,000 after acquiring an additional 1,020 shares during the last quarter. Lynch & Associates IN increased its holdings in shares of Old National Bancorp by 18.9% in the third quarter. Lynch & Associates IN now owns 12,167 shares of the bank’s stock valued at $177,000 after purchasing an additional 1,932 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC purchased a new position in Old National Bancorp during the fourth quarter worth approximately $181,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

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