StockNews.com Downgrades Old National Bancorp (NASDAQ:ONB) to Sell

StockNews.com cut shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a report issued on Sunday morning.

ONB has been the topic of a number of other reports. Barclays raised their target price on Old National Bancorp from $21.00 to $22.00 and gave the company an overweight rating in a research note on Monday, June 24th. Keefe, Bruyette & Woods restated an outperform rating and set a $20.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Hovde Group initiated coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They set an outperform rating and a $20.00 price objective on the stock. Finally, Royal Bank of Canada restated a sector perform rating and set a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $19.13.

Old National Bancorp Stock Performance

Shares of ONB opened at $17.46 on Friday. The business’s fifty day moving average price is $16.82 and its 200 day moving average price is $16.63. Old National Bancorp has a 12-month low of $12.36 and a 12-month high of $17.82. The stock has a market capitalization of $5.57 billion, a PE ratio of 9.44 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.02. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. The firm had revenue of $440.20 million for the quarter, compared to analysts’ expectations of $440.00 million. During the same period last year, the business posted $0.54 earnings per share. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. Equities research analysts forecast that Old National Bancorp will post 1.82 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Wednesday, June 5th were paid a dividend of $0.14 per share. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 annualized dividend and a yield of 3.21%. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp 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 transaction 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other 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 transaction of $803,825.00. Following the completion of the sale, the chief financial officer now directly owns 88,712 shares in the company, valued at approximately $1,444,231.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the sale, the chief executive officer now owns 50,001 shares of the company’s stock, valued at $795,015.90. The disclosure for this sale can be found here. Company insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its position in Old National Bancorp by 194.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after buying an additional 1,005 shares during the period. Rise Advisors LLC bought a new position in Old National Bancorp in the 1st quarter worth approximately $28,000. LRI Investments LLC bought a new position in Old National Bancorp in the 1st quarter worth approximately $48,000. Parkside Financial Bank & Trust increased its position in Old National Bancorp by 24.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after buying an additional 650 shares during the period. Finally, Quadrant Capital Group LLC increased its position in Old National Bancorp by 14.5% in the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after buying an additional 1,020 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.