Old National Bancorp (ONB) Upgraded to “Buy” by BidaskClub

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BidaskClub upgraded shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a buy rating in a research report released on Friday.

A number of other equities analysts have also commented on the company. Zacks Investment Research upgraded Old National Bancorp from a hold rating to a buy rating and set a $23.00 price objective on the stock in a research note on Tuesday, September 25th. ValuEngine lowered Old National Bancorp from a buy rating to a hold rating in a research note on Monday, September 24th. Hovde Group reiterated a hold rating on shares of Old National Bancorp in a research note on Thursday, July 26th. Royal Bank of Canada reiterated a hold rating and issued a $21.00 price objective on shares of Old National Bancorp in a research note on Tuesday, July 24th. Finally, Boenning Scattergood reissued a buy rating on shares of Old National Bancorp in a research report on Monday, July 23rd. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $20.44.

Shares of Old National Bancorp stock traded down $0.47 during trading on Friday, reaching $18.71. The company’s stock had a trading volume of 1,216,085 shares, compared to its average volume of 862,660. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.87 and a current ratio of 0.88. The firm has a market capitalization of $2.94 billion, a PE ratio of 17.01, a PEG ratio of 1.84 and a beta of 0.85. Old National Bancorp has a one year low of $16.36 and a one year high of $20.95.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Monday, July 23rd. The bank reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The business had revenue of $184.10 million for the quarter, compared to analyst estimates of $174.05 million. Old National Bancorp had a return on equity of 8.08% and a net margin of 15.19%. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 earnings per share. Research analysts forecast that Old National Bancorp will post 1.31 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 18th. Investors of record on Tuesday, September 4th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Friday, August 31st. Old National Bancorp’s dividend payout ratio (DPR) is presently 47.27%.

Hedge funds have recently added to or reduced their stakes in the stock. MUFG Americas Holdings Corp acquired a new stake in Old National Bancorp during the second quarter valued at approximately $104,000. Qube Research & Technologies Ltd acquired a new stake in Old National Bancorp during the second quarter valued at approximately $119,000. Citigroup Inc. boosted its holdings in Old National Bancorp by 105.6% during the first quarter. Citigroup Inc. now owns 8,919 shares of the bank’s stock valued at $150,000 after purchasing an additional 4,582 shares in the last quarter. Natixis acquired a new stake in Old National Bancorp during the first quarter valued at approximately $172,000. Finally, Valeo Financial Advisors LLC boosted its holdings in Old National Bancorp by 47.4% during the second quarter. Valeo Financial Advisors LLC now owns 11,010 shares of the bank’s stock valued at $213,000 after purchasing an additional 3,541 shares in the last quarter. 73.48% of the stock is currently owned by institutional investors and hedge funds.

About Old National Bancorp

Old National Bancorp operates as the holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. The company offers deposit accounts, including noninterest-bearing demand, NOW, savings and money market, and time deposits; and loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing.

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Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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