Old National Bancorp (NASDAQ:ONB) Downgraded by StockNews.com

StockNews.com lowered shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

A number of other equities analysts also recently weighed in on ONB. UBS Group cut their target price on Old National Bancorp from $20.00 to $19.00 and set a buy rating on the stock in a research note on Wednesday, January 24th. Stephens cut their target price on Old National Bancorp from $22.00 to $21.00 and set an overweight rating on the stock in a research note on Wednesday, January 24th. Royal Bank of Canada restated a sector perform rating and issued a $18.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods restated an outperform rating and issued a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Finally, Barclays boosted their target price on Old National Bancorp from $20.00 to $21.00 and gave the stock an overweight rating in a research note on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $18.86.

Old National Bancorp Trading Up 0.6 %

Shares of Old National Bancorp stock opened at $17.30 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. The stock has a fifty day simple moving average of $16.54 and a 200 day simple moving average of $16.06. Old National Bancorp has a 12-month low of $11.80 and a 12-month high of $17.64. The company has a market capitalization of $5.52 billion, a P/E ratio of 9.35 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The company had revenue of $440.20 million during the quarter, compared to the consensus estimate of $440.00 million. During the same quarter in the prior year, the company posted $0.54 earnings per share. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, sell-side analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were paid a $0.14 dividend. The ex-dividend date was Monday, March 4th. This represents a $0.56 annualized dividend and a yield of 3.24%. Old National Bancorp’s payout ratio is 30.27%.

Insider Activity at Old National Bancorp

In other Old National Bancorp news, CFO Brendon B. Falconer sold 49,375 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the sale, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ONB. Great Lakes Advisors LLC raised its holdings in shares of Old National Bancorp by 1,897.8% in the 3rd quarter. Great Lakes Advisors LLC now owns 286,384 shares of the bank’s stock valued at $4,164,000 after acquiring an additional 272,049 shares in the last quarter. Foundry Partners LLC raised its holdings in shares of Old National Bancorp by 2,494.5% during the 4th quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock valued at $8,141,000 after buying an additional 463,449 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Old National Bancorp by 18.7% during the 4th quarter. Federated Hermes Inc. now owns 341,484 shares of the bank’s stock valued at $5,768,000 after buying an additional 53,792 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Old National Bancorp by 31.5% during the 4th quarter. New York State Common Retirement Fund now owns 1,191,832 shares of the bank’s stock valued at $20,130,000 after buying an additional 285,603 shares in the last quarter. Finally, Pacer Advisors Inc. raised its holdings in shares of Old National Bancorp by 79.1% during the 4th quarter. Pacer Advisors Inc. now owns 43,993 shares of the bank’s stock valued at $743,000 after buying an additional 19,430 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

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.