Old National Bancorp (NASDAQ:ONB) Upgraded by StockNews.com to Hold Rating

StockNews.com 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.

Several other research analysts have also recently issued reports on the company. Raymond James cut their target price on Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, April 2nd. Stephens reissued an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Monday, April 14th. Royal Bank of Canada dropped their target price on shares of Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating for the company in a research report on Wednesday. Barclays reduced their price objective on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Citigroup decreased their target price on shares of Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $25.63.

Old National Bancorp Trading Down 0.4 %

ONB stock opened at $20.84 on Wednesday. Old National Bancorp has a 52 week low of $15.60 and a 52 week high of $24.49. The company’s 50-day simple moving average is $20.90 and its 200 day simple moving average is $21.49. The company has a market capitalization of $6.65 billion, a PE ratio of 12.40 and a beta of 0.82. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. The company had revenue of $486.87 million during the quarter, compared to analysts’ expectations of $478.37 million. As a group, sell-side analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were issued a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $0.56 annualized dividend and a yield of 2.69%. Old National Bancorp’s dividend payout ratio (DPR) is presently 32.56%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in shares of Old National Bancorp by 13.5% during the third quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank’s stock worth $65,275,000 after buying an additional 416,647 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Old National Bancorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,677,013 shares of the bank’s stock worth $79,810,000 after acquiring an additional 47,149 shares during the period. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Old National Bancorp during the 4th quarter worth about $209,000. Neville Rodie & Shaw Inc. purchased a new stake in shares of Old National Bancorp in the 4th quarter valued at approximately $652,000. Finally, Raymond James Financial Inc. purchased a new stake in Old National Bancorp in the fourth quarter valued at approximately $19,708,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

About Old National Bancorp

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