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 Tuesday.

Several other equities research analysts have also recently issued reports on the stock. Royal Bank of Canada raised their price objective on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a sector perform rating in a research report on Wednesday, July 24th. Hovde Group assumed coverage on shares of Old National Bancorp in a report on Monday, June 3rd. They set an outperform rating and a $20.00 price target for the company. Finally, Barclays lifted their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an overweight rating in a research report on Monday, June 24th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $19.63.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $18.62 on Tuesday. The company has a market cap of $5.94 billion, a P/E ratio of 10.06 and a beta of 0.83. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $20.43. The company’s 50-day moving average price is $17.79 and its 200-day moving average price is $17.02. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.96.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. The business had revenue of $750.93 million for the quarter, compared to analyst estimates of $474.10 million. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. During the same period last year, the company posted $0.54 EPS. On average, sell-side analysts forecast that Old National Bancorp will post 1.85 earnings per share for the current fiscal year.

Insider Activity at Old National Bancorp

In other Old National Bancorp news, insider Kendra L. Vanzo sold 20,000 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the transaction, the insider now directly owns 117,676 shares in the company, valued at $2,335,868.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Old National Bancorp news, insider Kendra L. Vanzo sold 20,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $19.85, for a total transaction of $397,000.00. Following the sale, the insider now directly owns 117,676 shares in the company, valued at $2,335,868.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the sale, the chief executive officer now owns 287,409 shares in the company, valued at $5,730,935.46. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,165 shares of company stock worth $1,168,424. Insiders own 1.07% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Creative Planning boosted its holdings in shares of Old National Bancorp by 35.4% in the 2nd quarter. Creative Planning now owns 80,065 shares of the bank’s stock valued at $1,376,000 after buying an additional 20,947 shares in the last quarter. Algert Global LLC purchased a new stake in Old National Bancorp in the second quarter valued at $548,000. Mackenzie Financial Corp boosted its stake in Old National Bancorp by 8.4% in the second quarter. Mackenzie Financial Corp now owns 19,714 shares of the bank’s stock valued at $339,000 after acquiring an additional 1,536 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Old National Bancorp by 24.7% during the second quarter. AQR Capital Management LLC now owns 429,751 shares of the bank’s stock worth $7,267,000 after purchasing an additional 85,225 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Old National Bancorp during the second quarter worth about $103,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.