Old National Bancorp (NASDAQ:ONB) Rating Lowered to Sell at BidaskClub

BidaskClub cut shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a research note issued to investors on Saturday morning, BidAskClub reports.

Separately, Zacks Investment Research raised Old National Bancorp from a sell rating to a hold rating in a research report on Friday, March 15th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $21.00.

NASDAQ ONB opened at $16.24 on Friday. Old National Bancorp has a 12 month low of $14.45 and a 12 month high of $20.95. The stock has a market capitalization of $2.87 billion, a PE ratio of 12.59, a P/E/G ratio of 1.54 and a beta of 1.01. The business has a fifty day moving average of $16.54. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.82 and a current ratio of 0.82.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Monday, April 22nd. The bank reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. Old National Bancorp had a return on equity of 8.43% and a net margin of 23.07%. The firm had revenue of $196.60 million for the quarter, compared to analysts’ expectations of $198.64 million. During the same period in the prior year, the firm posted $0.34 earnings per share. The company’s quarterly revenue was up 13.5% on a year-over-year basis. As a group, equities research analysts expect that Old National Bancorp will post 1.34 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.52 annualized dividend and a dividend yield of 3.20%. Old National Bancorp’s dividend payout ratio (DPR) is presently 40.31%.

In related news, insider Daryl D. Moore sold 10,000 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $17.15, for a total transaction of $171,500.00. Following the sale, the insider now directly owns 85,979 shares of the company’s stock, valued at $1,474,539.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.41% of the company’s stock.

A number of large investors have recently made changes to their positions in ONB. Toronto Dominion Bank purchased a new position in Old National Bancorp in the fourth quarter worth about $35,000. Pinnacle Financial Partners Inc. bought a new position in shares of Old National Bancorp in the first quarter worth about $50,000. Claybrook Capital LLC bought a new position in shares of Old National Bancorp in the fourth quarter worth about $51,000. Private Capital Group LLC raised its stake in shares of Old National Bancorp by 141.8% in the first quarter. Private Capital Group LLC now owns 3,320 shares of the bank’s stock worth $54,000 after buying an additional 1,947 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in shares of Old National Bancorp in the first quarter worth about $81,000. 63.87% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Company Profile

Old National Bancorp operates as the holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. The company offers deposit accounts, including noninterest-bearing demand, interest-bearing checking, NOW, savings and money market, and time deposits; and loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing.

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Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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