Old National Bancorp (ONB) Upgraded to Sell at BidaskClub

Old National Bancorp (NASDAQ:ONB) was upgraded by equities research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued on Monday, April 1st, BidAskClub reports.

ONB has been the topic of several other research reports. Zacks Investment Research lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, January 12th. Boenning Scattergood reissued a “buy” rating on shares of Old National Bancorp in a research report on Thursday, January 24th. ValuEngine lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, January 22nd. Finally, Stephens reissued a “buy” rating and issued a $20.00 price target on shares of Old National Bancorp in a research report on Wednesday, December 19th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $20.57.

ONB stock traded down $0.01 during mid-day trading on Monday, hitting $16.96. The company had a trading volume of 504,626 shares, compared to its average volume of 881,686. Old National Bancorp has a 12 month low of $14.45 and a 12 month high of $20.95. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 1.56 and a beta of 1.01.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Monday, April 22nd. The bank reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.02. Old National Bancorp had a net margin of 23.05% and a return on equity of 8.69%. The company had revenue of $196.60 million for the quarter, compared to analyst estimates of $198.64 million. During the same quarter in the previous year, the firm posted $0.34 earnings per share. The company’s quarterly revenue was up 13.5% compared to the same quarter last year. Analysts forecast that Old National Bancorp will post 1.35 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of ONB. Field & Main Bank purchased a new position in Old National Bancorp in the 1st quarter worth approximately $194,000. Foundry Partners LLC grew its stake in Old National Bancorp by 7.0% in the 1st quarter. Foundry Partners LLC now owns 1,385,387 shares of the bank’s stock worth $22,720,000 after buying an additional 90,141 shares in the last quarter. Deprince Race & Zollo Inc. grew its stake in Old National Bancorp by 23.9% in the 1st quarter. Deprince Race & Zollo Inc. now owns 479,823 shares of the bank’s stock worth $7,869,000 after buying an additional 92,711 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Old National Bancorp by 1.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 36,700 shares of the bank’s stock worth $602,000 after buying an additional 700 shares in the last quarter. Finally, Tributary Capital Management LLC grew its stake in Old National Bancorp by 13.3% in the 1st quarter. Tributary Capital Management LLC now owns 1,210,399 shares of the bank’s stock worth $19,851,000 after buying an additional 141,702 shares in the last quarter. 64.27% 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, interest-bearing checking, 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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