Old National Bancorp (NASDAQ:ONB) Upgraded by StockNews.com to Hold

Old National Bancorp (NASDAQ:ONB) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

A number of other brokerages have also issued reports on ONB. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 9th. Barclays increased their price objective on Old National Bancorp from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday. UBS Group cut their price objective on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $20.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Finally, Stephens reduced their target price on Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, January 24th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.86.

Old National Bancorp Stock Down 0.5 %

Shares of Old National Bancorp stock opened at $16.57 on Thursday. The business has a 50-day moving average price of $16.47 and a 200 day moving average price of $15.93. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95. The firm has a market cap of $4.86 billion, a P/E ratio of 8.96 and a beta of 0.83. Old National Bancorp has a fifty-two week low of $11.66 and a fifty-two week high of $17.64.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The firm had revenue of $440.20 million during the quarter, compared to analyst estimates of $440.00 million. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period last year, the company posted $0.54 EPS. On average, sell-side analysts forecast that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds have recently bought and sold shares of the business. Parkside Financial Bank & Trust increased its position in Old National Bancorp by 24.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after buying an additional 650 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Old National Bancorp by 5.9% during the third quarter. PNC Financial Services Group Inc. now owns 15,633 shares of the bank’s stock worth $227,000 after buying an additional 876 shares during the last quarter. Independence Bank of Kentucky increased its position in Old National Bancorp by 9.2% during the first quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock worth $208,000 after buying an additional 1,006 shares during the last quarter. Quadrant Capital Group LLC increased its position in Old National Bancorp by 14.5% during the fourth quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after buying an additional 1,020 shares during the last quarter. Finally, Arizona State Retirement System increased its position in Old National Bancorp by 1.4% during the third quarter. Arizona State Retirement System now owns 83,312 shares of the bank’s stock worth $1,211,000 after buying an additional 1,125 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Company Profile

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.