Old National Bancorp (NASDAQ:ONB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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) “
Other equities analysts have also recently issued reports about the company. Hovde Group assumed coverage on Old National Bancorp in a report on Wednesday, August 3rd. They set a “market perform” rating and a $14.00 price target on the stock. Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $13.00 to $13.50 and gave the stock a “market perform” rating in a report on Tuesday, August 2nd. Finally, Piper Jaffray Cos. assumed coverage on Old National Bancorp in a report on Monday, July 11th. They set a “neutral” rating and a $13.50 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $13.81.
Old National Bancorp (NASDAQ:ONB) opened at 14.25 on Tuesday. The company has a market capitalization of $1.92 billion, a P/E ratio of 12.38 and a beta of 1.31. Old National Bancorp has a 12-month low of $10.69 and a 12-month high of $15.00. The stock’s 50 day moving average is $13.92 and its 200-day moving average is $13.09.
Old National Bancorp (NASDAQ:ONB) last released its earnings results on Monday, August 1st. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the firm posted $0.25 earnings per share. On average, equities analysts predict that Old National Bancorp will post $0.97 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Thursday, September 1st were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend was Tuesday, August 30th. Old National Bancorp’s dividend payout ratio is currently 45.22%.
In other Old National Bancorp news, insider Daryl D. Moore sold 33,442 shares of the firm’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $13.80, for a total transaction of $461,499.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.70% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of ONB. BlackRock Inc. boosted its position in shares of Old National Bancorp by 153.6% in the first quarter. BlackRock Inc. now owns 8,720 shares of the company’s stock valued at $106,000 after buying an additional 5,282 shares during the period. Fifth Third Bancorp boosted 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 period. Ameritas Investment Partners Inc. bought a new position in shares of Old National Bancorp during the second quarter valued at $127,000. Pitcairn Co. bought a new position in shares of Old National Bancorp during the second quarter valued at $139,000. Finally, Strategic Financial Group LLC bought a new position in shares of Old National Bancorp during the second quarter valued at $155,000. Institutional investors and hedge funds own 70.10% of the company’s stock.
Old National Bancorp Company Profile
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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