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

StockNews.com lowered shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

Several other research firms have also issued reports on ONB. Hovde Group began coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They issued an outperform rating and a $20.00 price target on the stock. Barclays upped their price target on Old National Bancorp from $22.00 to $24.00 and gave the company an overweight rating in a research report on Friday, September 27th. Finally, Royal Bank of Canada increased their target price on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a sector perform rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Old National Bancorp presently has an average rating of Moderate Buy and an average price target of $19.88.

Old National Bancorp Stock Up 0.3 %

ONB opened at $17.99 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market capitalization of $5.74 billion, a PE ratio of 9.72 and a beta of 0.83. The stock’s fifty day moving average is $18.84 and its 200-day moving average is $17.63. Old National Bancorp has a one year low of $12.36 and a one year high of $20.43.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping the consensus estimate of $0.44 by $0.02. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. The firm had revenue of $750.93 million for the quarter, compared to analysts’ expectations of $474.10 million. During the same period in the previous year, the business earned $0.54 earnings per share. On average, equities analysts predict that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend was Thursday, September 5th. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, CEO James A. Sandgren sold 25,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the completion of the sale, the chief executive officer now directly owns 287,409 shares of the company’s stock, valued at approximately $5,730,935.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Old National Bancorp news, insider Kendra L. Vanzo sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total value of $397,000.00. Following the completion of the sale, the insider now owns 117,676 shares of the company’s stock, valued at $2,335,868.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the completion of the sale, the chief executive officer now owns 287,409 shares in the company, valued at $5,730,935.46. The disclosure for this sale can be found here. Corporate insiders own 1.07% of the company’s stock.

Institutional Trading of Old National Bancorp

A number of large investors have recently made changes to their positions in ONB. Leuthold Group LLC bought a new stake in shares of Old National Bancorp in the first quarter valued at about $3,142,000. Wealth Enhancement Advisory Services LLC boosted its stake in Old National Bancorp by 188.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock valued at $885,000 after purchasing an additional 33,615 shares during the period. Hsbc Holdings PLC boosted its position in shares of Old National Bancorp by 330.1% in the fourth quarter. Hsbc Holdings PLC now owns 93,149 shares of the bank’s stock valued at $1,581,000 after acquiring an additional 71,489 shares during the period. State Board of Administration of Florida Retirement System grew its position in shares of Old National Bancorp by 35.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank’s stock worth $1,969,000 after purchasing an additional 29,400 shares in the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in shares of Old National Bancorp by 27.9% in the first quarter. First Eagle Investment Management LLC now owns 446,698 shares of the bank’s stock valued at $7,777,000 after buying an additional 97,350 shares during the period. Institutional investors 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.