Old National Bancorp (NASDAQ:ONB) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

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) “

Separately, BidaskClub raised Zillow Group from a buy rating to a strong-buy rating in a report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of Hold and an average target price of $21.00.

NASDAQ ONB opened at $16.93 on Wednesday. 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 $2.91 billion, a PE ratio of 13.08, a P/E/G ratio of 1.56 and a beta of 0.98. The business has a fifty day moving average of $16.51. 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 declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend was Friday, May 31st. Old National Bancorp’s payout ratio is currently 40.31%.

In other news, insider Daryl D. Moore sold 10,000 shares of the company’s 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 transaction, the insider now directly owns 85,979 shares of the company’s stock, valued at $1,474,539.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.41% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Pinnacle Financial Partners Inc. bought a new position in Old National Bancorp in the first quarter valued at 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. Meeder Asset Management Inc. bought a new position in shares of Old National Bancorp in the first quarter worth about $81,000. Finally, Resources Investment Advisors Inc. raised its stake in shares of Old National Bancorp by 13.5% in the first quarter. Resources Investment Advisors Inc. now owns 7,755 shares of the bank’s stock worth $127,000 after buying an additional 920 shares during the period. 63.87% of the stock is currently owned by institutional investors.

About Old National Bancorp

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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