Old National Bancorp (NASDAQ:ONB) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a report released on Monday morning.

Separately, Barclays lifted their price objective on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.43.

Old National Bancorp Price Performance

Shares of ONB stock opened at $22.94 on Monday. The firm has a market cap of $7.32 billion, a P/E ratio of 13.90 and a beta of 0.82. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $23.76. The business’s 50 day moving average price is $19.63 and its 200-day moving average price is $18.52. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. The firm had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period last year, the company earned $0.51 EPS. On average, equities research analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s payout ratio is 33.94%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Studio Investment Management LLC raised its stake in shares of Old National Bancorp by 2.6% in the third quarter. Studio Investment Management LLC now owns 20,803 shares of the bank’s stock worth $388,000 after purchasing an additional 524 shares during the last quarter. CWM LLC raised its stake in shares of Old National Bancorp by 0.7% in the third quarter. CWM LLC now owns 87,365 shares of the bank’s stock worth $1,630,000 after purchasing an additional 591 shares during the last quarter. Stifel Financial Corp raised its stake in shares of Old National Bancorp by 1.2% in the third quarter. Stifel Financial Corp now owns 53,594 shares of the bank’s stock worth $1,000,000 after purchasing an additional 648 shares during the last quarter. Forum Financial Management LP raised its stake in shares of Old National Bancorp by 3.9% in the second quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock worth $346,000 after purchasing an additional 748 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after purchasing an additional 1,005 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

About Old National Bancorp

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.