Zacks Investment Research upgraded shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a buy rating in a research note issued to investors on Wednesday. The firm currently has $16.00 price target on the 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 research firms have also weighed in on ONB. Hovde Group assumed coverage on shares of Old National Bancorp in a research report on Wednesday, August 3rd. They set a market perform rating and a $14.00 price objective for the company. Keefe, Bruyette & Woods raised their price objective on shares of Old National Bancorp from $13.00 to $13.50 and gave the company a market perform rating in a research report on Tuesday, August 2nd. Finally, Piper Jaffray Cos. assumed coverage on shares of Old National Bancorp in a research report on Monday, July 11th. They set a neutral rating and a $13.50 price objective for the company. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Old National Bancorp presently has a consensus rating of Hold and a consensus price target of $13.81.
Old National Bancorp (NASDAQ:ONB) traded up 1.13% during midday trading on Wednesday, reaching $14.30. 42,763 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $13.91 and its 200 day moving average is $13.06. Old National Bancorp has a 52 week low of $10.69 and a 52 week high of $15.00. The firm has a market capitalization of $1.93 billion, a P/E ratio of 12.42 and a beta of 1.31.
Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Monday, August 1st. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.08. Old National Bancorp had a net margin of 20.28% and a return on equity of 7.48%. During the same period last year, the firm posted $0.25 earnings per share. On average, analysts expect that Old National Bancorp will post $0.97 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Thursday, September 1st were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend was Tuesday, August 30th. Old National Bancorp’s dividend payout ratio (DPR) is 45.22%.
In other news, insider Daryl D. Moore sold 33,442 shares of the stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $13.80, for a total value of $461,499.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.70% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of ONB. BlackRock Inc. raised its stake in Old National Bancorp by 153.6% in the first quarter. BlackRock Inc. now owns 8,720 shares of the company’s stock worth $106,000 after buying an additional 5,282 shares during the period. Fifth Third Bancorp raised its position in shares of Old National Bancorp by 1.1% in the second quarter. Fifth Third Bancorp now owns 8,893 shares of the company’s stock valued at $111,000 after buying an additional 96 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Old National Bancorp during the second quarter valued at $127,000. Pitcairn Co. acquired a new position in shares of Old National Bancorp during the second quarter valued at $139,000. Finally, Strategic Financial Group LLC acquired a new position in shares of Old National Bancorp during the second quarter valued at $155,000. 70.10% of the stock is owned by institutional investors and hedge funds.
About Old National Bancorp
Old National Bancorp is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory, and other traditional banking services. Through its non-bank affiliates, the Company provides full service insurance brokerage services and other financial services.
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