Several other brokerages also recently weighed in on ONB. Zacks Investment Research upgraded Old National Bancorp from a sell rating to a hold rating in a report on Wednesday, March 27th. ValuEngine downgraded Old National Bancorp from a hold rating to a sell rating in a report on Tuesday, January 22nd. Finally, Boenning Scattergood reiterated a buy rating on shares of Old National Bancorp in a report on Thursday, January 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $20.67.
ONB traded up $0.10 during trading on Wednesday, hitting $16.98. The company’s stock had a trading volume of 372,118 shares, compared to its average volume of 701,852. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $2.94 billion, a PE ratio of 13.16, a price-to-earnings-growth ratio of 1.56 and a beta of 1.01. Old National Bancorp has a twelve month low of $14.45 and a twelve month high of $20.95.
Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Monday, April 22nd. The bank reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.02. The company had revenue of $196.60 million during the quarter, compared to the consensus estimate of $198.64 million. Old National Bancorp had a return on equity of 8.43% and a net margin of 23.07%. Old National Bancorp’s revenue was up 13.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.34 EPS. As a group, equities research analysts forecast that Old National Bancorp will post 1.36 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.06%. Old National Bancorp’s payout ratio is 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 completion of the sale, the insider now directly owns 85,979 shares in the company, valued at approximately $1,474,539.85. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.41% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Resources Investment Advisors Inc. increased its holdings in shares of Old National Bancorp by 13.5% during the 1st 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 last quarter. Private Management Group Inc. increased its holdings in shares of Old National Bancorp by 1.0% during the 1st quarter. Private Management Group Inc. now owns 1,126,930 shares of the bank’s stock worth $18,482,000 after buying an additional 11,696 shares during the last quarter. Lockheed Martin Investment Management Co. increased its holdings in shares of Old National Bancorp by 49.7% during the 1st quarter. Lockheed Martin Investment Management Co. now owns 93,700 shares of the bank’s stock worth $1,536,000 after buying an additional 31,100 shares during the last quarter. Swiss National Bank increased its holdings in shares of Old National Bancorp by 18.4% during the 1st quarter. Swiss National Bank now owns 287,184 shares of the bank’s stock worth $4,710,000 after buying an additional 44,700 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Old National Bancorp by 16.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 110,497 shares of the bank’s stock worth $1,812,000 after buying an additional 15,772 shares during the last quarter. Institutional investors and hedge funds own 64.19% 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, 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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