Old National Bancorp (ONB) Cut to Hold at BidaskClub

BidaskClub cut shares of Old National Bancorp (NASDAQ:ONB) from a buy rating to a hold rating in a research note published on Tuesday morning.

Other equities research analysts have also recently issued research reports about the stock. Boenning Scattergood set a $21.00 target price on shares of Old National Bancorp and gave the stock a buy rating in a research note on Thursday, October 26th. Zacks Investment Research cut shares of Old National Bancorp from a buy rating to a hold rating in a research note on Saturday, October 28th. Jefferies Group LLC restated a hold rating and set a $18.00 target price on shares of Old National Bancorp in a research note on Friday, September 15th. Piper Jaffray Companies restated a hold rating and set a $18.00 target price on shares of Old National Bancorp in a research note on Wednesday, July 26th. Finally, Raymond James Financial, Inc. upgraded shares of Old National Bancorp from a market perform rating to an outperform rating and set a $19.00 target price on the stock in a research note on Tuesday, September 19th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $18.92.

Old National Bancorp (NASDAQ ONB) traded up $0.15 during midday trading on Tuesday, reaching $18.20. 1,023,610 shares of the company’s stock were exchanged, compared to its average volume of 789,825. The company has a market cap of $2.49 billion, a P/E ratio of 15.82 and a beta of 1.04. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.95.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, October 24th. The bank reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. Old National Bancorp had a net margin of 21.61% and a return on equity of 8.39%. The company had revenue of $154.84 million for the quarter, compared to analysts’ expectations of $152.48 million. During the same quarter last year, the business earned $0.25 EPS. sell-side analysts anticipate that Old National Bancorp will post 1.07 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend is Thursday, November 30th. Old National Bancorp’s dividend payout ratio (DPR) is currently 47.71%.

In other Old National Bancorp news, insider John R. Kamin sold 5,531 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $16.56, for a total transaction of $91,593.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.79% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Arizona State Retirement System grew its holdings in Old National Bancorp by 0.3% during the 2nd quarter. Arizona State Retirement System now owns 70,636 shares of the bank’s stock valued at $1,218,000 after buying an additional 200 shares in the last quarter. Creative Planning grew its holdings in Old National Bancorp by 1.0% during the 2nd quarter. Creative Planning now owns 22,590 shares of the bank’s stock valued at $390,000 after buying an additional 213 shares in the last quarter. Phillips Financial Management LLC grew its holdings in Old National Bancorp by 1.0% during the 2nd quarter. Phillips Financial Management LLC now owns 26,652 shares of the bank’s stock valued at $446,000 after buying an additional 261 shares in the last quarter. Amalgamated Bank grew its holdings in Old National Bancorp by 1.8% during the 2nd quarter. Amalgamated Bank now owns 18,328 shares of the bank’s stock valued at $316,000 after buying an additional 326 shares in the last quarter. Finally, Columbia Asset Management grew its holdings in Old National Bancorp by 4.0% during the 2nd quarter. Columbia Asset Management now owns 12,478 shares of the bank’s stock valued at $215,000 after buying an additional 478 shares in the last quarter. 71.94% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Company Profile

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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