Old National Bancorp (ONB) Lowered to “Hold” at Zacks Investment Research
Old National Bancorp (NASDAQ:ONB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Old National Bancorp is a bank holding company that operates banking offices and ATMs throughout Indiana, Illinois, Ohio, Kentucky, and Tennessee. Through various subsidiaries, Old National provides a broad range of banking services as well as trust and investment management services, insurance brokerage services for both individuals and companies, and investment products. (Company Press Release) “
A number of other analysts have also commented on ONB. Piper Jaffray Cos. began coverage on Old National Bancorp in a research note on Monday, July 11th. They set a “neutral” rating and a $13.50 price objective on the stock. Hovde Group began coverage on Old National Bancorp in a research note on Wednesday, August 3rd. They set a “market perform” rating and a $14.00 price objective on the stock. Finally, Keefe, Bruyette & Woods increased their price objective on Old National Bancorp from $13.00 to $13.50 and gave the company a “market perform” rating in a research note on Tuesday, August 2nd. Seven research analysts have rated the stock with 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 target price of $13.81.
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Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Monday, August 1st. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.08. Old National Bancorp had a return on equity of 7.48% and a net margin of 20.28%. During the same period in the previous year, the company earned $0.25 earnings per share.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Thursday, September 1st were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend was Tuesday, August 30th. Old National Bancorp’s dividend payout ratio is currently 45.22%.
In other news, insider Daryl D. Moore sold 33,442 shares of Old National Bancorp stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $13.80, for a total value of $461,499.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.70% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Old National Bancorp by 153.6% in the first quarter. BlackRock Inc. now owns 8,720 shares of the company’s stock valued at $106,000 after buying an additional 5,282 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Old National Bancorp by 1.1% in the second quarter. Fifth Third Bancorp now owns 8,893 shares of the company’s stock valued at $111,000 after buying an additional 96 shares during the last quarter. Ameritas Investment Partners Inc. bought a new stake in shares of Old National Bancorp during the second quarter valued at approximately $127,000. Pitcairn Co. bought a new stake in shares of Old National Bancorp during the second quarter valued at approximately $139,000. Finally, Strategic Financial Group LLC bought a new stake in shares of Old National Bancorp during the second quarter valued at approximately $155,000. Institutional investors and hedge funds own 70.10% of the company’s stock.
Old National Bancorp Company Profile
Old National Bancorp is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory, and other traditional banking services. Through its non-bank affiliates, the Company provides full service insurance brokerage services and other financial services.
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