Today: The Old National Bancorp (ONB) Downgraded by Zacks Investment Research to Hold

The Old National Bancorp (ONB) Downgraded by Zacks Investment Research to Hold

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.

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