Old National Bancorp (NASDAQ:ONB) Cut to “Sell” at BidaskClub

BidaskClub cut shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a research report sent to investors on Tuesday, BidAskClub reports.

Several other research analysts have also recently issued reports on ONB. ValuEngine cut Old National Bancorp from a hold rating to a sell rating in a research report on Wednesday, January 8th. Zacks Investment Research cut Old National Bancorp from a hold rating to a sell rating in a research report on Wednesday, January 15th. Finally, Boenning Scattergood cut Old National Bancorp from an outperform rating to a neutral rating in a research report on Friday, October 25th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Old National Bancorp currently has an average rating of Sell and an average price target of $19.50.

Shares of NASDAQ:ONB opened at $18.41 on Tuesday. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 13.34 and a beta of 0.95. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.76. Old National Bancorp has a 12-month low of $15.63 and a 12-month high of $18.74. The business’s 50 day moving average is $18.20 and its 200 day moving average is $17.74.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, January 21st. The bank reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.06). The company had revenue of $196.63 million for the quarter, compared to analysts’ expectations of $196.10 million. Old National Bancorp had a net margin of 25.62% and a return on equity of 8.80%. During the same period in the previous year, the firm earned $0.32 EPS. As a group, equities research analysts expect that Old National Bancorp will post 1.37 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a dividend of $0.14 per share. This is a boost from Old National Bancorp’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.56 annualized dividend and a dividend yield of 3.04%. Old National Bancorp’s payout ratio is presently 35.86%.

A number of institutional investors have recently modified their holdings of ONB. BlackRock Inc. lifted its holdings in Old National Bancorp by 3.9% during the second quarter. BlackRock Inc. now owns 23,241,359 shares of the bank’s stock worth $385,576,000 after acquiring an additional 862,874 shares during the period. Valeo Financial Advisors LLC lifted its holdings in Old National Bancorp by 65.2% during the third quarter. Valeo Financial Advisors LLC now owns 26,498 shares of the bank’s stock worth $456,000 after acquiring an additional 10,462 shares during the period. Tributary Capital Management LLC lifted its holdings in Old National Bancorp by 17.8% during the third quarter. Tributary Capital Management LLC now owns 1,425,432 shares of the bank’s stock worth $24,525,000 after acquiring an additional 215,242 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Old National Bancorp by 15.9% during the third quarter. Envestnet Asset Management Inc. now owns 127,021 shares of the bank’s stock worth $2,185,000 after acquiring an additional 17,447 shares during the period. Finally, First Citizens Bank & Trust Co. lifted its holdings in Old National Bancorp by 9.3% during the third quarter. First Citizens Bank & Trust Co. now owns 11,218 shares of the bank’s stock worth $193,000 after acquiring an additional 956 shares during the period. Institutional investors and hedge funds own 67.85% 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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