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

StockNews.com downgraded shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a sell rating in a research note published on Friday.

ONB has been the subject of a number of other reports. UBS Group reduced their target price on shares of Old National Bancorp from $20.00 to $19.00 and set a buy rating for the company in a research note on Wednesday, January 24th. Stephens dropped their target price on Old National Bancorp from $22.00 to $21.00 and set an overweight rating on the stock in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $20.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Barclays lifted their price objective on shares of Old National Bancorp from $20.00 to $21.00 and gave the company an overweight rating in a report on Wednesday, April 24th. Finally, Royal Bank of Canada restated a sector perform rating and set a $18.00 target price on shares of Old National Bancorp in a report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $18.86.

Old National Bancorp Stock Up 0.9 %

Shares of Old National Bancorp stock opened at $17.19 on Friday. The company has a market capitalization of $5.48 billion, a P/E ratio of 9.29 and a beta of 0.83. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.92. The business has a 50-day moving average of $16.52 and a two-hundred day moving average of $16.04. Old National Bancorp has a 1 year low of $11.66 and a 1 year high of $17.64.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating 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 business had revenue of $440.20 million during the quarter, compared to analyst estimates of $440.00 million. During the same period in the previous year, the firm earned $0.54 EPS. Old National Bancorp’s quarterly revenue was down 3.8% compared to the same quarter last year. As a group, equities analysts predict that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were paid a dividend of $0.14 per share. The ex-dividend date was Monday, March 4th. This represents a $0.56 annualized dividend and a dividend yield of 3.26%. Old National Bancorp’s dividend payout ratio is presently 30.27%.

Insider Activity

In other news, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the sale, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC boosted its holdings in shares of Old National Bancorp by 18.4% during the first quarter. Janney Montgomery Scott LLC now owns 15,240 shares of the bank’s stock worth $265,000 after acquiring an additional 2,366 shares during the period. BNP Paribas Financial Markets boosted its stake in Old National Bancorp by 35.0% in the 1st quarter. BNP Paribas Financial Markets now owns 189,635 shares of the bank’s stock valued at $3,302,000 after purchasing an additional 49,213 shares during the period. Retirement Systems of Alabama boosted its stake in Old National Bancorp by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank’s stock valued at $6,398,000 after purchasing an additional 1,009 shares during the period. Commonwealth Equity Services LLC increased its position in Old National Bancorp by 12.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 79,329 shares of the bank’s stock worth $1,381,000 after buying an additional 8,962 shares during the period. Finally, Principal Financial Group Inc. increased its position in Old National Bancorp by 18.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,296,885 shares of the bank’s stock worth $22,579,000 after buying an additional 203,963 shares during the period. 83.66% of the stock is owned by institutional investors.

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.