Old National Bancorp (NASDAQ:ONB) Raised 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 issued to investors on Monday.

Separately, Barclays increased their price target on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.44.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock opened at $23.14 on Monday. Old National Bancorp has a 52-week low of $14.32 and a 52-week high of $23.76. The firm’s 50 day moving average price is $19.80 and its 200-day moving average price is $18.59. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The company has a market cap of $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. The business had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.51 earnings per share. On average, sell-side analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s dividend payout ratio is presently 33.94%.

Institutional Investors Weigh In On Old National Bancorp

A number of large investors have recently bought and sold shares of the company. Sanctuary Advisors LLC raised its holdings in shares of Old National Bancorp by 31.1% during the third quarter. Sanctuary Advisors LLC now owns 31,597 shares of the bank’s stock worth $590,000 after purchasing an additional 7,489 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Old National Bancorp during the 3rd quarter valued at about $124,000. Geode Capital Management LLC lifted its holdings in shares of Old National Bancorp by 6.6% in the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after buying an additional 514,315 shares during the period. Barclays PLC boosted its stake in shares of Old National Bancorp by 93.6% in the third quarter. Barclays PLC now owns 839,504 shares of the bank’s stock worth $15,665,000 after buying an additional 405,956 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Old National Bancorp by 175.1% in the third quarter. Public Employees Retirement System of Ohio now owns 8,848 shares of the bank’s stock worth $165,000 after buying an additional 5,632 shares during the last quarter. 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.