Old National Bancorp (NASDAQ:ONB) Downgraded to “Sell” at StockNews.com

Posted by on May 24th, 2022

StockNews.com downgraded shares of Old National Bancorp (NASDAQ:ONB – Get Rating) from a hold rating to a sell rating in a report released on Monday.

A number of other research firms have also commented on ONB. Stephens raised Old National Bancorp from an equal weight rating to an overweight rating and set a $19.00 price objective on the stock in a research note on Friday, May 13th. Zacks Investment Research raised Old National Bancorp from a hold rating to a buy rating and set a $17.00 price objective on the stock in a research note on Friday, April 29th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Buy and a consensus price target of $19.80.

NASDAQ:ONB traded up $0.26 during trading hours on Monday, hitting $15.55. The company’s stock had a trading volume of 1,805,404 shares, compared to its average volume of 3,401,970. The business’s 50-day moving average is $15.97 and its two-hundred day moving average is $17.48. The company has a market capitalization of $4.56 billion, a PE ratio of 15.25 and a beta of 0.80. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.83 and a current ratio of 0.83. Old National Bancorp has a 52-week low of $14.91 and a 52-week high of $20.81.

Old National Bancorp (NASDAQ:ONB – Get Rating) last announced its quarterly earnings results on Tuesday, April 26th. The bank reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.06. Old National Bancorp had a return on equity of 8.31% and a net margin of 17.40%. The business had revenue of $291.80 million during the quarter, compared to analysts’ expectations of $275.50 million. During the same quarter last year, the business posted $0.52 earnings per share. The business’s revenue for the quarter was up 40.1% on a year-over-year basis. As a group, analysts predict that Old National Bancorp will post 1.69 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Tuesday, May 31st. This represents a $0.56 annualized dividend and a yield of 3.60%. Old National Bancorp’s dividend payout ratio is presently 54.90%.

In related news, CEO James C. Ryan III acquired 6,550 shares of Old National Bancorp stock in a transaction that occurred on Thursday, April 28th. The stock was acquired at an average price of $15.24 per share, for a total transaction of $99,822.00. Following the transaction, the chief executive officer now directly owns 124,614 shares of the company’s stock, valued at approximately $1,899,117.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Michael L. Scudder acquired 8,170 shares of Old National Bancorp stock in a transaction that occurred on Friday, April 29th. The shares were bought at an average price of $15.30 per share, with a total value of $125,001.00. Following the transaction, the chairman now directly owns 302,009 shares in the company, valued at $4,620,737.70. The disclosure for this purchase can be found here. Insiders have acquired a total of 24,720 shares of company stock worth $377,713 over the last 90 days. 0.70% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in ONB. The Manufacturers Life Insurance Company raised its stake in shares of Old National Bancorp by 27.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,533,543 shares of the bank’s stock worth $25,119,000 after buying an additional 327,003 shares in the last quarter. Keeley Teton Advisors LLC bought a new stake in shares of Old National Bancorp in the 1st quarter worth $2,550,000. Jane Street Group LLC raised its stake in shares of Old National Bancorp by 338.9% in the 1st quarter. Jane Street Group LLC now owns 46,326 shares of the bank’s stock worth $759,000 after buying an additional 35,772 shares in the last quarter. Glazer Capital LLC bought a new stake in shares of Old National Bancorp in the 1st quarter worth $780,000. Finally, Point72 Hong Kong Ltd raised its stake in shares of Old National Bancorp by 675.0% in the 1st quarter. Point72 Hong Kong Ltd now owns 27,055 shares of the bank’s stock worth $443,000 after buying an additional 23,564 shares in the last quarter. Institutional investors own 78.66% of the company’s stock.

Old National Bancorp Company Profile (Get Rating)

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, letters of credit, and lease financing.

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