Zacks Investment Research upgraded shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a buy rating in a research report released on Wednesday morning. The brokerage currently has $21.00 target price on the bank’s stock.
According to Zacks, “Old National Bancorp is a bank holding company that operates banking offices and ATMs throughout Indiana, Illinois, Ohio, Kentucky, and Tennessee. Through various subsidiaries, Old National provides a broad range of banking services as well as trust and investment management services, insurance brokerage services for both individuals and companies, and investment products. (Company Press Release) “
Several other equities analysts also recently commented on the stock. Sandler O’Neill reaffirmed a hold rating and set a $19.00 price objective on shares of Old National Bancorp in a research note on Monday, June 25th. DA Davidson upped their price objective on shares of Old National Bancorp from $20.00 to $21.00 and gave the company a neutral rating in a research note on Monday, June 25th. BidaskClub raised shares of Old National Bancorp from a hold rating to a buy rating in a research note on Friday, June 8th. Hilliard Lyons downgraded shares of Old National Bancorp from a buy rating to a neutral rating in a research note on Thursday, April 26th. Finally, Boenning Scattergood set a $20.00 price objective on shares of Old National Bancorp and gave the company a buy rating in a research note on Tuesday, April 24th. Eight research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Old National Bancorp presently has an average rating of Hold and a consensus price target of $19.50.
Shares of Old National Bancorp opened at $18.60 on Wednesday, Marketbeat Ratings reports. The stock has a market cap of $2.87 billion, a PE ratio of 16.25, a PEG ratio of 1.87 and a beta of 0.87. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.88. Old National Bancorp has a 12 month low of $15.38 and a 12 month high of $19.10.
Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Monday, April 23rd. The bank reported $0.34 EPS for the quarter, beating the consensus estimate of $0.29 by $0.05. The firm had revenue of $170.96 million during the quarter, compared to the consensus estimate of $170.43 million. Old National Bancorp had a net margin of 15.23% and a return on equity of 8.18%. During the same period in the prior year, the firm posted $0.27 earnings per share. equities analysts anticipate that Old National Bancorp will post 1.26 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 15th. Investors of record on Friday, June 1st were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Thursday, May 31st. Old National Bancorp’s payout ratio is currently 47.27%.
In related news, Chairman Robert G. Jones sold 49,000 shares of the stock in a transaction dated Friday, April 27th. The shares were sold at an average price of $17.46, for a total value of $855,540.00. Following the completion of the transaction, the chairman now directly owns 49,000 shares of the company’s stock, valued at $855,540. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.59% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in ONB. Citigroup Inc. raised its stake in Old National Bancorp by 105.6% in the first quarter. Citigroup Inc. now owns 8,919 shares of the bank’s stock worth $150,000 after buying an additional 4,582 shares in the last quarter. Natixis bought a new position in Old National Bancorp in the first quarter worth about $172,000. Zeke Capital Advisors LLC bought a new position in Old National Bancorp in the fourth quarter worth about $177,000. Virtu Financial LLC bought a new position in Old National Bancorp in the fourth quarter worth about $212,000. Finally, JOYN Advisors Inc. bought a new position in Old National Bancorp in the fourth quarter worth about $225,000. 66.11% of the stock is owned by institutional investors.
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.
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