Old National Bancorp (NASDAQ:ONB) Downgraded to “Hold” at BidaskClub

BidaskClub lowered shares of Old National Bancorp (NASDAQ:ONB) from a buy rating to a hold rating in a research note released on Saturday, BidAskClub reports.

Several other analysts have also recently weighed in on ONB. Zacks Investment Research raised Old National Bancorp from a sell rating to a hold rating in a report on Wednesday, July 10th. ValuEngine raised Old National Bancorp from a sell rating to a hold rating in a report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $21.00.

NASDAQ:ONB opened at $16.92 on Friday. The firm has a market cap of $2.91 billion, a PE ratio of 13.12, a P/E/G ratio of 1.55 and a beta of 0.97. The business’s 50 day moving average price is $16.91. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.81 and a current ratio of 0.81. Old National Bancorp has a 1-year low of $14.45 and a 1-year high of $20.95.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Monday, July 22nd. The bank reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.04. The business had revenue of $208.50 million during the quarter, compared to analysts’ expectations of $200.05 million. Old National Bancorp had a return on equity of 8.72% and a net margin of 24.22%. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the firm posted $0.29 EPS. As a group, equities research analysts predict that Old National Bancorp will post 1.37 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.52 annualized dividend and a yield of 3.07%. Old National Bancorp’s dividend payout ratio is presently 40.31%.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Foundry Partners LLC raised its holdings in Old National Bancorp by 10.9% in the 2nd quarter. Foundry Partners LLC now owns 1,535,815 shares of the bank’s stock valued at $25,479,000 after acquiring an additional 150,428 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Old National Bancorp by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 12,151,217 shares of the bank’s stock valued at $187,128,000 after acquiring an additional 107,159 shares in the last quarter. BlackRock Inc. raised its holdings in Old National Bancorp by 0.9% in the 1st quarter. BlackRock Inc. now owns 22,378,485 shares of the bank’s stock valued at $367,006,000 after acquiring an additional 207,834 shares in the last quarter. Norges Bank acquired a new position in Old National Bancorp in the 4th quarter valued at $31,683,000. Finally, Stephens Inc. AR acquired a new position in Old National Bancorp in the 1st quarter valued at $166,000. 64.63% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Company Profile

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

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