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 morning.

A number of other equities analysts have also issued reports on the company. 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. Stephens reduced their price objective on Old National Bancorp from $22.00 to $21.00 and set an overweight rating for the company in a research note on Wednesday, January 24th. Barclays lifted their price objective on Old National Bancorp from $20.00 to $21.00 and gave the company an overweight rating in a research note on Wednesday. UBS Group reduced their price objective on Old National Bancorp from $20.00 to $19.00 and set a buy rating for the company in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada reiterated a sector perform rating and set a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $18.86.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $16.57 on Thursday. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of 8.96 and a beta of 0.83. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.92 and a quick ratio of 0.92. The business has a fifty day moving average of $16.47 and a 200 day moving average of $15.94. Old National Bancorp has a 1 year low of $11.66 and a 1 year high of $17.64.

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

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors have recently modified their holdings of the business. Parkside Financial Bank & Trust boosted its holdings in Old National Bancorp by 24.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after buying an additional 650 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Old National Bancorp by 5.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 15,633 shares of the bank’s stock worth $227,000 after buying an additional 876 shares during the last quarter. Independence Bank of Kentucky boosted its holdings in Old National Bancorp by 9.2% in the 1st quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock worth $208,000 after buying an additional 1,006 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Old National Bancorp by 14.5% in the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after buying an additional 1,020 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in Old National Bancorp by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 83,312 shares of the bank’s stock worth $1,211,000 after buying an additional 1,125 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.