Old National Bancorp (NASDAQ:ONB) Downgraded by StockNews.com

StockNews.com downgraded shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a research note issued to investors on Friday.

A number of other equities research analysts have also recently commented on ONB. Barclays increased their target price on Old National Bancorp from $20.00 to $21.00 and gave the company an overweight rating in a report on Wednesday, April 24th. Royal Bank of Canada reiterated a sector perform rating and set a $18.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 9th. UBS Group decreased their price target on shares of Old National Bancorp from $20.00 to $19.00 and set a buy rating on the stock in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods reissued an outperform rating and issued a $20.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Finally, Stephens reduced their price objective on shares of Old National Bancorp from $22.00 to $21.00 and set an overweight rating on the stock in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $18.86.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB traded up $0.16 during midday trading on Friday, hitting $17.19. 1,665,333 shares of the stock were exchanged, compared to its average volume of 2,009,929. The stock has a market cap of $5.48 billion, a P/E ratio of 9.29 and a beta of 0.83. Old National Bancorp has a twelve month low of $11.66 and a twelve month high of $17.64. The company has a 50 day moving average price of $16.52 and a 200-day moving average price of $16.02. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The company had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 earnings per share. On average, research analysts forecast that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s payout ratio is currently 30.27%.

Insider Transactions at Old National Bancorp

In related news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $16.28, for a total value of $803,825.00. Following the transaction, the chief financial officer now owns 88,712 shares of the company’s stock, valued at approximately $1,444,231.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.07% of the company’s stock.

Institutional Trading of Old National Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Rise Advisors LLC purchased a new stake in Old National Bancorp in the 1st quarter worth about $28,000. Parkside Financial Bank & Trust grew its stake in Old National Bancorp by 57.2% during the 3rd quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock valued at $38,000 after acquiring an additional 949 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Old National Bancorp by 14.5% in the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock valued at $136,000 after purchasing an additional 1,020 shares during the period. Legacy Wealth Asset Management LLC purchased a new stake in shares of Old National Bancorp in the fourth quarter worth approximately $181,000. Finally, Trust Point Inc. purchased a new position in shares of Old National Bancorp during the 4th quarter valued at $189,000. Institutional investors and hedge funds 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.