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

Old National Bancorp (NASDAQ:ONB) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Friday.

Several other equities research analysts also recently weighed in on the stock. Barclays raised their target price on shares of Old National Bancorp from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 24th. UBS Group decreased their price objective on shares of 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. Stephens dropped their target price on shares of 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 issued a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.86.

Old National Bancorp Price Performance

ONB opened at $17.19 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. The business’s fifty day simple moving average is $16.52 and its 200-day simple moving average is $16.03. The company has a market capitalization of $5.48 billion, a price-to-earnings ratio of 9.29 and a beta of 0.83. Old National Bancorp has a 12-month low of $11.66 and a 12-month high of $17.64.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The business had revenue of $440.20 million for the quarter, compared to the consensus estimate of $440.00 million. During the same quarter last year, the firm posted $0.54 EPS. The company’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, equities research analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Brendon B. Falconer sold 49,375 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 88,712 shares of the company’s stock, valued at approximately $1,444,231.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.07% of the company’s stock.

Institutional Trading of Old National Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Great Lakes Advisors LLC lifted its holdings in Old National Bancorp by 1,897.8% in the 3rd quarter. Great Lakes Advisors LLC now owns 286,384 shares of the bank’s stock valued at $4,164,000 after purchasing an additional 272,049 shares in the last quarter. Foundry Partners LLC lifted its stake in shares of Old National Bancorp by 2,494.5% in the 4th quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock valued at $8,141,000 after purchasing an additional 463,449 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Old National Bancorp by 18.7% during the 4th quarter. Federated Hermes Inc. now owns 341,484 shares of the bank’s stock worth $5,768,000 after purchasing an additional 53,792 shares during the period. New York State Common Retirement Fund increased its position in shares of Old National Bancorp by 31.5% during the 4th quarter. New York State Common Retirement Fund now owns 1,191,832 shares of the bank’s stock worth $20,130,000 after purchasing an additional 285,603 shares during the last quarter. Finally, Pacer Advisors Inc. raised its holdings in Old National Bancorp by 79.1% in the 4th quarter. Pacer Advisors Inc. now owns 43,993 shares of the bank’s stock valued at $743,000 after buying an additional 19,430 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.