Old National Bancorp (NASDAQ:ONB) Cut to “Sell” at StockNews.com

StockNews.com lowered shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a research report sent to investors on Wednesday.

A number of other research analysts have also commented on the company. Hovde Group started coverage on Old National Bancorp in a report on Monday, June 3rd. They set an outperform rating and a $20.00 price target for the company. 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. Barclays raised their price target on Old National Bancorp from $21.00 to $22.00 and gave the company an overweight rating in a report on Monday, June 24th. Finally, Keefe, Bruyette & Woods reiterated an outperform rating and issued a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $19.63.

Old National Bancorp Trading Up 1.5 %

Shares of ONB opened at $20.22 on Wednesday. The business’s 50-day moving average price is $17.32 and its 200 day moving average price is $16.84. The stock has a market capitalization of $6.45 billion, a P/E ratio of 10.93 and a beta of 0.84. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. Old National Bancorp has a 1-year low of $12.36 and a 1-year high of $20.38.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. Old National Bancorp had a return on equity of 15.42% and a net margin of 18.83%. The firm had revenue of $750.93 million during the quarter, compared to analyst estimates of $474.10 million. During the same period last year, the company posted $0.54 EPS. Analysts expect that Old National Bancorp will post 1.85 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th were paid a $0.14 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.77%. Old National Bancorp’s payout ratio is currently 30.27%.

Insider Transactions at Old National Bancorp

In other news, CEO Chady M. Alahmar sold 17,165 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the sale, the chief executive officer now owns 50,001 shares of the company’s stock, valued at $795,015.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.07% of the company’s stock.

Hedge Funds Weigh In On Old National Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in 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 worth $241,176,000 after acquiring an additional 841,195 shares during the last quarter. Channing Capital Management LLC raised its stake in Old National Bancorp by 33.9% in the 4th quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock valued at $84,203,000 after acquiring an additional 1,263,060 shares during the period. Verition Fund Management LLC raised its stake in Old National Bancorp by 48.9% in the 4th quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock valued at $63,787,000 after acquiring an additional 1,240,952 shares during the period. Bank of New York Mellon Corp raised its stake in Old National Bancorp by 6.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,544,124 shares of the bank’s stock valued at $60,923,000 after acquiring an additional 203,088 shares during the period. Finally, Silvercrest Asset Management Group LLC raised its stake in Old National Bancorp by 0.8% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 3,305,752 shares of the bank’s stock valued at $57,553,000 after acquiring an additional 25,519 shares during the period. 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.