Old National Bancorp (NASDAQ:ONB) Upgraded by StockNews.com to “Hold”

Old National Bancorp (NASDAQ:ONBGet Free Report) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Saturday.

Other equities research analysts have also recently issued research reports about the stock. Hovde Group assumed coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They issued an “outperform” rating and a $20.00 price objective for the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 price target on shares of Old National Bancorp in a report on Tuesday, April 9th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. Finally, Barclays upped their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, June 24th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $19.13.

Read Our Latest Stock Report on Old National Bancorp

Old National Bancorp Price Performance

ONB stock opened at $17.19 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.92. Old National Bancorp has a one year low of $12.36 and a one year high of $17.82. The stock has a market cap of $5.48 billion, a PE ratio of 9.29 and a beta of 0.83. The firm has a 50 day simple moving average of $16.75 and a two-hundred day simple moving average of $16.62.

Old National Bancorp (NASDAQ:ONBGet Free Report) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, topping analysts’ consensus estimates 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 business 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 company earned $0.54 EPS. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. On average, analysts predict that Old National Bancorp will post 1.82 EPS for the current fiscal year.

Insider Activity

In other news, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were 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 of the company’s stock, valued at approximately $1,444,231.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Chady M. Alahmar sold 17,165 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the transaction, the chief executive officer now owns 50,001 shares in the company, valued at approximately $795,015.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brendon B. Falconer sold 49,375 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 88,712 shares in the company, valued at approximately $1,444,231.36. The disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.

Hedge Funds Weigh In On Old National Bancorp

Institutional investors have recently made changes to their positions in the business. Parkside Financial Bank & Trust raised its stake in Old National Bancorp by 24.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after acquiring an additional 650 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Old National Bancorp by 5.9% during the third quarter. PNC Financial Services Group Inc. now owns 15,633 shares of the bank’s stock valued at $227,000 after buying an additional 876 shares during the last quarter. Ameritas Investment Partners Inc. raised its position in shares of Old National Bancorp by 1.0% during the first quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock valued at $1,656,000 after buying an additional 919 shares during the last quarter. Independence Bank of Kentucky raised its position in shares of Old National Bancorp by 9.2% during the first quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock valued at $208,000 after buying an additional 1,006 shares during the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of Old National Bancorp by 0.3% during the first quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank’s stock valued at $6,398,000 after buying an additional 1,009 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

Receive News & Ratings for Old National Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Old National Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.