BidaskClub Lowers Old National Bancorp (ONB) to Sell

BidaskClub downgraded shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a report published on Saturday.

Several other brokerages have also issued reports on ONB. Boenning Scattergood set a $21.00 target price on Old National Bancorp and gave the stock a buy rating in a research report on Thursday, October 26th. Zacks Investment Research lowered Old National Bancorp from a buy rating to a hold rating in a research report on Saturday, October 28th. Piper Jaffray Companies began coverage on Old National Bancorp in a report on Friday, October 6th. They set a neutral rating and a $19.00 price target for the company. ValuEngine upgraded Old National Bancorp from a hold rating to a buy rating in a report on Friday, December 1st. Finally, Raymond James Financial upgraded Old National Bancorp from a market perform rating to an outperform rating and set a $19.00 price target for the company in a report on Tuesday, September 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $18.92.

Old National Bancorp (NASDAQ:ONB) opened at $17.70 on Friday. Old National Bancorp has a 12 month low of $15.38 and a 12 month high of $18.95. The company has a market capitalization of $2,420.00, a price-to-earnings ratio of 15.39 and a beta of 1.02. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.95.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, October 24th. The bank reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.03. The business had revenue of $154.84 million during the quarter, compared to analyst estimates of $152.48 million. Old National Bancorp had a return on equity of 8.39% and a net margin of 21.61%. During the same period last year, the company earned $0.25 EPS. sell-side analysts predict that Old National Bancorp will post 1.08 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a $0.13 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.52 annualized dividend and a dividend yield of 2.94%. Old National Bancorp’s dividend payout ratio is presently 47.71%.

Several institutional investors and hedge funds have recently modified their holdings of ONB. Arizona State Retirement System boosted its stake in Old National Bancorp by 0.3% during the 2nd quarter. Arizona State Retirement System now owns 70,636 shares of the bank’s stock valued at $1,218,000 after purchasing an additional 200 shares during the last quarter. Phillips Financial Management LLC boosted its stake in Old National Bancorp by 1.0% during the 2nd quarter. Phillips Financial Management LLC now owns 26,652 shares of the bank’s stock valued at $446,000 after purchasing an additional 261 shares during the last quarter. Amalgamated Bank boosted its stake in Old National Bancorp by 1.8% during the 2nd quarter. Amalgamated Bank now owns 18,328 shares of the bank’s stock valued at $316,000 after purchasing an additional 326 shares during the last quarter. Columbia Asset Management boosted its stake in Old National Bancorp by 4.0% during the 2nd quarter. Columbia Asset Management now owns 12,478 shares of the bank’s stock valued at $215,000 after purchasing an additional 478 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in Old National Bancorp by 7.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 10,821 shares of the bank’s stock valued at $187,000 after purchasing an additional 717 shares during the last quarter. Institutional investors own 73.07% of the company’s stock.

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Old National Bancorp Company Profile

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. The Company focuses on community banking.

Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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