Old National Bancorp (ONB) Cut to “Hold” at ValuEngine

ValuEngine cut shares of Old National Bancorp (NASDAQ:ONB) from a buy rating to a hold rating in a research report released on Monday.

Other research analysts have also issued research reports about the company. Boenning Scattergood reaffirmed a buy rating on shares of Old National Bancorp in a report on Monday, July 23rd. BidaskClub lowered Old National Bancorp from a strong-buy rating to a buy rating in a report on Friday, July 13th. Zacks Investment Research raised Old National Bancorp from a hold rating to a buy rating and set a $21.00 price objective on the stock in a report on Wednesday, June 27th. Hovde Group reaffirmed a hold rating on shares of Old National Bancorp in a report on Thursday, July 26th. Finally, Royal Bank of Canada reaffirmed a hold rating and set a $21.00 price objective on shares of Old National Bancorp in a report on Tuesday, July 24th. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $20.30.

Shares of ONB stock opened at $19.40 on Monday. Old National Bancorp has a 1-year low of $16.36 and a 1-year high of $20.95. The firm has a market cap of $3.01 billion, a P/E ratio of 17.64, a price-to-earnings-growth ratio of 1.88 and a beta of 0.86. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.91.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Monday, July 23rd. The bank reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.03. Old National Bancorp had a return on equity of 8.08% and a net margin of 15.19%. The firm had revenue of $184.10 million for the quarter, compared to analyst estimates of $174.05 million. During the same quarter in the prior year, the company posted $0.28 earnings per share. Old National Bancorp’s quarterly revenue was up 19.9% on a year-over-year basis. equities analysts predict that Old National Bancorp will post 1.31 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 18th. Shareholders of record on Tuesday, September 4th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, August 31st. This represents a $0.52 dividend on an annualized basis and a yield of 2.68%. Old National Bancorp’s payout ratio is 47.27%.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. boosted its position in Old National Bancorp by 12.5% during the second quarter. BlackRock Inc. now owns 19,816,949 shares of the bank’s stock worth $368,596,000 after purchasing an additional 2,207,742 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Old National Bancorp by 2.7% during the second quarter. Dimensional Fund Advisors LP now owns 12,035,500 shares of the bank’s stock worth $223,862,000 after purchasing an additional 317,122 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Old National Bancorp by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 3,451,745 shares of the bank’s stock valued at $64,203,000 after acquiring an additional 57,759 shares in the last quarter. Northern Trust Corp lifted its position in shares of Old National Bancorp by 5.8% in the second quarter. Northern Trust Corp now owns 2,840,246 shares of the bank’s stock valued at $52,828,000 after acquiring an additional 156,419 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Old National Bancorp by 36.8% in the first quarter. The Manufacturers Life Insurance Company now owns 2,648,599 shares of the bank’s stock valued at $44,762,000 after acquiring an additional 712,317 shares in the last quarter. Institutional investors own 73.48% of the company’s stock.

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, 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.

Further Reading: Google Finance Portfolio Workaround

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Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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