Zacks Investment Research lowered shares of Old National Bancorp (NASDAQ:ONB) from a buy rating to a hold rating in a report released on Tuesday 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) “
Other research analysts have also issued research reports about the company. Hovde Group initiated coverage on Old National Bancorp in a research report on Wednesday, August 3rd. They set a market perform rating and a $14.00 price target on the stock. Keefe, Bruyette & Woods lifted their price target on Old National Bancorp from $13.00 to $13.50 and gave the stock a market perform rating in a research report on Tuesday, August 2nd. Finally, Piper Jaffray Cos. started coverage on Old National Bancorp in a research note on Monday, July 11th. They issued a neutral rating and a $13.50 target price on the stock. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Old National Bancorp currently has a consensus rating of Hold and an average target price of $13.81.
Old National Bancorp (NASDAQ:ONB) remained flat at $14.10 during trading on Tuesday. 78,314 shares of the stock traded hands. Old National Bancorp has a 52 week low of $10.69 and a 52 week high of $15.00. The company has a 50 day moving average of $13.93 and a 200 day moving average of $13.10. The company has a market cap of $1.90 billion, a P/E ratio of 12.25 and a beta of 1.31.
Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Monday, August 1st. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.23 by $0.08. Old National Bancorp had a return on equity of 7.48% and a net margin of 20.28%. During the same quarter last year, the business earned $0.25 EPS. On average, equities analysts anticipate that Old National Bancorp will post $0.97 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Thursday, September 1st were paid a $0.13 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.69%. Old National Bancorp’s dividend payout ratio (DPR) is presently 45.22%.
In related news, insider Daryl D. Moore sold 33,442 shares of Old National Bancorp stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $13.80, for a total value of $461,499.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.70% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of ONB. BlackRock Inc. increased its stake in Old National Bancorp by 153.6% in the first quarter. BlackRock Inc. now owns 8,720 shares of the company’s stock worth $106,000 after buying an additional 5,282 shares during the last quarter. Fifth Third Bancorp increased its stake in Old National Bancorp by 1.1% in the second quarter. Fifth Third Bancorp now owns 8,893 shares of the company’s stock worth $111,000 after buying an additional 96 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Old National Bancorp during the second quarter worth approximately $127,000. Pitcairn Co. purchased a new stake in Old National Bancorp during the second quarter worth approximately $139,000. Finally, Strategic Financial Group LLC purchased a new stake in Old National Bancorp during the second quarter worth approximately $155,000. Institutional investors own 70.10% of the company’s stock.
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. Through its non-bank affiliates, the Company provides full service insurance brokerage services and other financial services.