BidaskClub Upgrades Old National Bancorp (ONB) to Sell

Old National Bancorp (NASDAQ:ONB) was upgraded by BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued to investors on Wednesday.

Other analysts have also issued reports about the stock. Zacks Investment Research raised shares of Old National Bancorp from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research report on Thursday, May 25th. Keefe, Bruyette & Woods reissued a “hold – neutral” rating on shares of Old National Bancorp in a research report on Monday, June 12th. Piper Jaffray Companies reissued a “hold” rating and issued a $18.00 price objective on shares of Old National Bancorp in a research report on Wednesday, July 26th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $18.00 price objective on shares of Old National Bancorp in a research report on Friday, August 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $18.30.

Old National Bancorp (ONB) opened at 16.35 on Wednesday. The company has a market cap of $2.22 billion, a P/E ratio of 15.53 and a beta of 1.08. The company has a 50-day moving average of $16.34 and a 200 day moving average of $16.86. Old National Bancorp has a one year low of $13.53 and a one year high of $18.95.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. Old National Bancorp had a net margin of 21.02% and a return on equity of 8.25%. The firm had revenue of $153.60 million for the quarter, compared to analyst estimates of $153.57 million. During the same period in the prior year, the firm posted $0.31 earnings per share. Equities research analysts predict that Old National Bancorp will post $1.06 EPS for the current year.

COPYRIGHT VIOLATION NOTICE: This news story was first reported by Chaffey Breeze and is owned by of Chaffey Breeze. If you are reading this news story on another site, it was copied illegally and reposted in violation of US and international trademark and copyright law. The correct version of this news story can be viewed at https://www.chaffeybreeze.com/2017/09/15/bidaskclub-upgrades-old-national-bancorp-onb-to-sell.html.

In other news, insider John R. Kamin sold 5,531 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $16.56, for a total value of $91,593.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.79% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Koch Industries Inc. bought a new position in Old National Bancorp during the second quarter worth about $527,000. Piedmont Investment Advisors LLC bought a new position in Old National Bancorp during the second quarter worth about $505,000. The Manufacturers Life Insurance Company increased its position in Old National Bancorp by 2.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,598,162 shares of the bank’s stock worth $27,568,000 after acquiring an additional 39,450 shares during the period. BlueCrest Capital Management Ltd bought a new position in Old National Bancorp during the second quarter worth about $489,000. Finally, State Street Corp increased its position in Old National Bancorp by 9.7% during the second quarter. State Street Corp now owns 6,021,497 shares of the bank’s stock worth $103,868,000 after acquiring an additional 530,755 shares during the period. 72.90% of the stock is currently 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. The Company focuses on community banking.

Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

Receive News & Ratings for Old National Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Old National Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply