StockNews.com Lowers Old National Bancorp (NASDAQ:ONB) to Sell

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

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

Get Our Latest Stock Report on Old National Bancorp

Old National Bancorp Price Performance

NASDAQ ONB opened at $16.81 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.93. Old National Bancorp has a 12-month low of $12.36 and a 12-month high of $17.82. The company has a market capitalization of $5.36 billion, a PE ratio of 9.09 and a beta of 0.84. The firm’s 50 day moving average is $16.80 and its 200-day moving average is $16.62.

Old National Bancorp (NASDAQ:ONBGet Free Report) 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 net margin of 20.99% and a return on equity of 11.31%. The company had revenue of $440.20 million for the quarter, compared to the consensus estimate of $440.00 million. During the same period last year, the company earned $0.54 earnings per share. The firm’s revenue was down 3.8% compared to the same quarter last year. Equities research analysts anticipate that Old National Bancorp will post 1.82 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Brendon B. Falconer sold 49,375 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total value of $803,825.00. Following the sale, the chief financial officer now directly owns 88,712 shares in the company, valued at $1,444,231.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Chady M. Alahmar sold 17,165 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the transaction, the chief executive officer now directly owns 50,001 shares in the company, valued at approximately $795,015.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $803,825.00. Following the completion of the transaction, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in shares of Old National Bancorp by 6.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock valued at $241,176,000 after purchasing an additional 841,195 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Old National Bancorp by 2.9% during the 3rd quarter. American Century Companies Inc. now owns 11,063,412 shares of the bank’s stock worth $160,862,000 after acquiring an additional 308,892 shares during the period. Channing Capital Management LLC grew its stake in shares of Old National Bancorp by 33.9% during the 4th quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock worth $84,203,000 after acquiring an additional 1,263,060 shares during the period. Verition Fund Management LLC grew its stake in shares of Old National Bancorp by 48.9% during the 4th quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock worth $63,787,000 after acquiring an additional 1,240,952 shares during the period. Finally, Silvercrest Asset Management Group LLC grew its stake in shares of Old National Bancorp by 0.8% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 3,305,752 shares of the bank’s stock worth $57,553,000 after acquiring an additional 25,519 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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