Old National Bancorp (NASDAQ:ONB) Shares Gap Up Following Strong Earnings

Old National Bancorp (NASDAQ:ONB) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $18.39, but opened at $18.06. Old National Bancorp shares last traded at $18.00, with a volume of 79,715 shares traded.

The bank reported $0.41 EPS for the quarter, beating the consensus estimate of $0.34 by $0.07. Old National Bancorp had a return on equity of 8.72% and a net margin of 24.22%. The firm had revenue of $209.80 million during the quarter, compared to analyst estimates of $201.79 million. During the same quarter in the prior year, the business posted $0.34 EPS. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year.

Several analysts have recently commented on ONB shares. Zacks Investment Research lowered Old National Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, October 10th. Stephens lowered Old National Bancorp from an “overweight” rating to an “equal weight” rating and set a $19.00 price objective for the company. in a report on Tuesday, October 8th. ValuEngine upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, BidaskClub lowered Old National Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Old National Bancorp presently has an average rating of “Hold” and a consensus price target of $19.50.

A number of hedge funds have recently modified their holdings of ONB. NumerixS Investment Technologies Inc purchased a new position in Old National Bancorp in the 2nd quarter worth $30,000. North Star Investment Management Corp. purchased a new position in Old National Bancorp in the 3rd quarter worth $80,000. Tower Research Capital LLC TRC raised its stake in Old National Bancorp by 414.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,306 shares of the bank’s stock worth $88,000 after acquiring an additional 4,274 shares during the last quarter. Paloma Partners Management Co purchased a new position in Old National Bancorp in the 2nd quarter worth $168,000. Finally, Stephens Inc. AR raised its stake in Old National Bancorp by 6.9% in the 2nd quarter. Stephens Inc. AR now owns 10,832 shares of the bank’s stock worth $180,000 after acquiring an additional 697 shares during the last quarter. Institutional investors own 64.74% of the company’s stock.

The company has a market cap of $2.96 billion, a PE ratio of 13.87 and a beta of 1.00. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50 day moving average of $17.23 and a 200-day moving average of $16.90.

About Old National Bancorp (NASDAQ:ONB)

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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