Zacks Investment Research Downgrades Old National Bancorp (NASDAQ:ONB) to Sell

Zacks Investment Research lowered shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a report issued on Wednesday morning, Zacks.com reports.

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) “

A number of other research analysts have also recently commented on the company. Keefe, Bruyette & Woods raised Old National Bancorp from a market perform rating to an outperform rating and set a $22.00 price target on the stock in a research report on Sunday, December 19th. Royal Bank of Canada boosted their price objective on Old National Bancorp from $18.00 to $19.00 and gave the company a sector perform rating in a research note on Wednesday, October 20th.

Shares of NASDAQ ONB opened at $20.02 on Wednesday. Old National Bancorp has a one year low of $15.53 and a one year high of $21.28. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.77 and a quick ratio of 0.77. The business’s fifty day moving average price is $18.31 and its 200-day moving average price is $17.34. The stock has a market capitalization of $3.32 billion, a PE ratio of 11.31 and a beta of 0.88.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Monday, October 18th. The bank reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. Old National Bancorp had a return on equity of 10.11% and a net margin of 33.72%. The firm had revenue of $209.59 million for the quarter, compared to analysts’ expectations of $202.52 million. During the same quarter in the prior year, the firm earned $0.46 EPS. As a group, equities analysts expect that Old National Bancorp will post 1.74 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Investors of record on Monday, December 6th were paid a dividend of $0.14 per share. The ex-dividend date was Friday, December 3rd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.80%. Old National Bancorp’s payout ratio is 31.64%.

In related news, Director Austin M. Ramirez acquired 5,715 shares of the firm’s stock in a transaction that occurred on Wednesday, November 3rd. The shares were bought at an average cost of $17.50 per share, for a total transaction of $100,012.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.15% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of Montreal Can increased its stake in Old National Bancorp by 28.1% in the 2nd quarter. Bank of Montreal Can now owns 58,810 shares of the bank’s stock worth $1,064,000 after acquiring an additional 12,890 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Old National Bancorp by 6.4% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 196,585 shares of the bank’s stock valued at $3,462,000 after purchasing an additional 11,764 shares during the last quarter. Paloma Partners Management Co increased its position in shares of Old National Bancorp by 160.7% during the 2nd quarter. Paloma Partners Management Co now owns 37,209 shares of the bank’s stock valued at $655,000 after purchasing an additional 22,936 shares during the last quarter. Citigroup Inc. increased its position in shares of Old National Bancorp by 94.4% during the 2nd quarter. Citigroup Inc. now owns 194,676 shares of the bank’s stock valued at $3,428,000 after purchasing an additional 94,516 shares during the last quarter. Finally, Blueshift Asset Management LLC bought a new position in shares of Old National Bancorp during the 2nd quarter valued at about $493,000. Institutional investors and hedge funds own 75.47% of the company’s stock.

Old National Bancorp Company Profile

Old National Bancorp operates as a financial holding company. It engages in the provision of financial and banking solutions. The Community Banking segment provides commercial, real estate and consumer loans, time deposits, checking and savings accounts, cash management, brokerage, trust and investment advisory services.

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