Zacks Investment Research Lowers Old National Bancorp (ONB) to Hold

Zacks Investment Research cut shares of Old National Bancorp (NASDAQ:ONB) from a buy rating to a hold rating in a research note released on Saturday.

According to Zacks, “Old National Bancorp is a bank holding company that operates banking offices and ATMs throughout Indiana, Illinois, Ohio, Kentucky, and Tennessee. Through various subsidiaries, Old National provides a broad range of banking services as well as trust and investment management services, insurance brokerage services for both individuals and companies, and investment products. (Company Press Release) “

Several other research firms have also recently weighed in on ONB. Boenning Scattergood set a $21.00 price target on Old National Bancorp and gave the stock a buy rating in a research note on Thursday, October 26th. BidaskClub cut Old National Bancorp from a hold rating to a sell rating in a research note on Wednesday, July 19th. Raymond James Financial, Inc. upgraded Old National Bancorp from a market perform rating to an outperform rating and set a $19.00 price target for the company in a research note on Tuesday, September 19th. UBS AG upgraded Old National Bancorp from a market perform rating to an outperform rating in a research note on Tuesday, September 19th. Finally, Piper Jaffray Companies restated a hold rating and issued a $18.00 price target on shares of Old National Bancorp in a research note on Wednesday, July 26th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Old National Bancorp currently has an average rating of Hold and an average target price of $18.92.

Shares of Old National Bancorp (NASDAQ ONB) opened at 18.20 on Friday. Old National Bancorp has a 12 month low of $14.20 and a 12 month high of $18.95. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of 17.28 and a beta of 1.10. The stock’s 50 day moving average price is $17.98 and its 200 day moving average price is $17.00.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, October 24th. The bank reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.03. Old National Bancorp had a return on equity of 8.39% and a net margin of 21.61%. The business had revenue of $154.84 million for the quarter, compared to the consensus estimate of $152.48 million. During the same period in the previous year, the company posted $0.25 earnings per share. Analysts expect that Old National Bancorp will post $1.06 EPS for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend is Thursday, November 30th. Old National Bancorp’s dividend payout ratio is currently 47.71%.

In other news, insider John R. Kamin sold 5,531 shares of the business’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $16.56, for a total value of $91,593.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.79% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its position in Old National Bancorp by 0.4% in the second quarter. BlackRock Inc. now owns 16,815,750 shares of the bank’s stock worth $290,072,000 after buying an additional 72,222 shares in the last quarter. Vanguard Group Inc. increased its position in Old National Bancorp by 1.3% in the second quarter. Vanguard Group Inc. now owns 12,616,903 shares of the bank’s stock worth $217,642,000 after buying an additional 161,250 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Old National Bancorp by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 11,353,720 shares of the bank’s stock worth $195,853,000 after buying an additional 603,021 shares in the last quarter. State Street Corp increased its position in Old National Bancorp by 9.7% in the second quarter. State Street Corp now owns 6,021,497 shares of the bank’s stock worth $103,868,000 after buying an additional 530,755 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Old National Bancorp by 17.1% in the second quarter. Bank of New York Mellon Corp now owns 3,548,253 shares of the bank’s stock worth $61,207,000 after buying an additional 517,895 shares in the last quarter. Institutional investors own 71.94% of the company’s stock.

About Old National Bancorp

Old National Bancorp is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory and other traditional banking services. The Company focuses on community banking.

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