Old National Bancorp (NASDAQ:ONB) Rating Lowered to Sell at StockNews.com

Old National Bancorp (NASDAQ:ONBGet Rating) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Monday.

ONB has been the topic of a number of other reports. Stephens upgraded Old National Bancorp from an “equal weight” rating to an “overweight” rating and set a $19.00 price target on the stock in a research report on Friday, May 13th. Zacks Investment Research upgraded Old National Bancorp from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research report on Friday, April 29th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $19.80.

NASDAQ ONB traded up $0.26 during trading hours on Monday, reaching $15.55. 1,805,404 shares of the company’s stock were exchanged, compared to its average volume of 3,401,970. The stock has a market cap of $4.56 billion, a PE ratio of 15.25 and a beta of 0.80. Old National Bancorp has a one year low of $14.91 and a one year high of $20.81. The firm has a fifty day moving average of $15.97 and a 200-day moving average of $17.48. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.77.

Old National Bancorp (NASDAQ:ONBGet Rating) last released its quarterly earnings results on Tuesday, April 26th. The bank reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. The business had revenue of $291.80 million for the quarter, compared to analyst estimates of $275.50 million. Old National Bancorp had a return on equity of 8.31% and a net margin of 17.40%. Old National Bancorp’s revenue for the quarter was up 40.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 EPS. As a group, research analysts forecast that Old National Bancorp will post 1.69 EPS for the current year.

In other Old National Bancorp news, Chairman Michael L. Scudder acquired 8,170 shares of the company’s stock in a transaction that occurred on Friday, April 29th. The shares were acquired at an average price of $15.30 per share, with a total value of $125,001.00. Following the purchase, the chairman now owns 302,009 shares of the company’s stock, valued at approximately $4,620,737.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brendon B. Falconer acquired 3,000 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The shares were acquired at an average cost of $15.24 per share, for a total transaction of $45,720.00. Following the purchase, the chief financial officer now directly owns 3,000 shares in the company, valued at approximately $45,720. The disclosure for this purchase can be found here. In the last three months, insiders bought 24,720 shares of company stock worth $377,713. 0.70% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC raised its stake in shares of Old National Bancorp by 2.5% in the 4th quarter. Mutual of America Capital Management LLC now owns 22,654 shares of the bank’s stock valued at $410,000 after purchasing an additional 555 shares during the period. Profund Advisors LLC grew its holdings in shares of Old National Bancorp by 4.3% in the 4th quarter. Profund Advisors LLC now owns 18,499 shares of the bank’s stock valued at $335,000 after acquiring an additional 756 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Old National Bancorp by 5.0% in the 4th quarter. Raymond James & Associates now owns 15,856 shares of the bank’s stock valued at $287,000 after acquiring an additional 756 shares in the last quarter. Maryland State Retirement & Pension System grew its holdings in shares of Old National Bancorp by 1.4% in the 4th quarter. Maryland State Retirement & Pension System now owns 66,104 shares of the bank’s stock valued at $1,198,000 after acquiring an additional 899 shares in the last quarter. Finally, Harbor Investment Advisory LLC grew its holdings in shares of Old National Bancorp by 26.7% in the 1st quarter. Harbor Investment Advisory LLC now owns 4,356 shares of the bank’s stock valued at $71,000 after acquiring an additional 917 shares in the last quarter. 78.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Company Profile (Get Rating)

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, letters of credit, and lease financing.

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