Zacks Investment Research lowered shares of Old National Bancorp (NASDAQ:ONB) from a buy rating to a hold rating in a research note published on Wednesday morning.
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 brokerages have also recently weighed in on ONB. BidaskClub cut Old National Bancorp from a hold rating to a sell rating in a report on Thursday, November 9th. ValuEngine upgraded Old National Bancorp from a hold rating to a buy rating in a report on Friday, December 1st. Keefe, Bruyette & Woods restated a hold rating and set a $20.00 target price on shares of Old National Bancorp in a report on Friday, December 22nd. Hilliard Lyons upgraded Old National Bancorp from a neutral rating to a buy rating and set a $19.00 target price for the company in a report on Friday, February 9th. Finally, Boenning Scattergood set a $21.00 target price on Old National Bancorp and gave the company a buy rating in a report on Wednesday, January 24th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Old National Bancorp currently has an average rating of Hold and an average price target of $19.38.
Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.03). Old National Bancorp had a return on equity of 7.80% and a net margin of 14.10%. The firm had revenue of $163.40 million during the quarter, compared to analysts’ expectations of $170.13 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. Old National Bancorp’s revenue for the quarter was down 5.5% compared to the same quarter last year. research analysts anticipate that Old National Bancorp will post 1.29 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Wednesday, February 28th. Old National Bancorp’s payout ratio is 72.22%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC bought a new position in Old National Bancorp during the 3rd quarter valued at approximately $129,000. Meeder Asset Management Inc. raised its position in Old National Bancorp by 5,903.3% during the 4th quarter. Meeder Asset Management Inc. now owns 7,324 shares of the bank’s stock valued at $128,000 after purchasing an additional 7,202 shares during the last quarter. Advisor Group Inc. raised its position in Old National Bancorp by 219.1% during the 3rd quarter. Advisor Group Inc. now owns 9,921 shares of the bank’s stock valued at $181,000 after purchasing an additional 6,812 shares during the last quarter. Zeke Capital Advisors LLC bought a new position in Old National Bancorp during the 4th quarter valued at approximately $177,000. Finally, Stifel Financial Corp bought a new position in Old National Bancorp during the 3rd quarter valued at approximately $196,000. 64.43% of the stock is owned by institutional investors and hedge funds.
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. The Company focuses on community banking.
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