Old National Bancorp (NASDAQ:ONB) Downgraded by StockNews.com to Sell

StockNews.com lowered shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a research report released on Tuesday morning.

A number of other analysts have also recently commented on the stock. Barclays upped their price target on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an overweight rating in a research note on Friday, September 27th. Royal Bank of Canada lifted their price target on Old National Bancorp from $19.00 to $22.00 and gave the company a sector perform rating in a research report on Wednesday, July 24th. Finally, Hovde Group initiated coverage on Old National Bancorp in a research note on Monday, June 3rd. They set an outperform rating and a $20.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Old National Bancorp presently has a consensus rating of Moderate Buy and a consensus price target of $19.88.

Old National Bancorp Price Performance

ONB opened at $18.29 on Tuesday. The firm has a market cap of $5.83 billion, a P/E ratio of 9.86 and a beta of 0.83. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.93 and a current ratio of 0.94. Old National Bancorp has a fifty-two week low of $12.36 and a fifty-two week high of $20.43. The firm has a 50-day moving average of $18.80 and a 200 day moving average of $17.63.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.02. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. The business had revenue of $750.93 million during the quarter, compared to analyst estimates of $474.10 million. During the same period in the prior year, the company earned $0.54 earnings per share. On average, research analysts expect that Old National Bancorp will post 1.85 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were given a $0.14 dividend. The ex-dividend date was Thursday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 3.06%. Old National Bancorp’s payout ratio is 30.27%.

Insiders Place Their Bets

In other Old National Bancorp news, CEO James A. Sandgren sold 25,000 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total value of $498,500.00. Following the completion of the sale, the chief executive officer now directly owns 287,409 shares of the company’s stock, valued at $5,730,935.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO James A. Sandgren sold 25,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the completion of the sale, the chief executive officer now owns 287,409 shares of the company’s stock, valued at approximately $5,730,935.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kendra L. Vanzo sold 20,000 shares of Old National Bancorp stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the completion of the transaction, the insider now directly owns 117,676 shares in the company, valued at approximately $2,335,868.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC increased its position in shares of Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after buying an additional 1,005 shares during the period. Rise Advisors LLC purchased a new position in shares of Old National Bancorp during the 1st quarter worth approximately $28,000. HHM Wealth Advisors LLC purchased a new position in shares of Old National Bancorp during the 2nd quarter worth approximately $28,000. LRI Investments LLC bought a new position in shares of Old National Bancorp in the 1st quarter worth approximately $48,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Old National Bancorp in the 2nd quarter valued at approximately $103,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

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.