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) “
Other research analysts have also recently issued research reports about the company. ValuEngine upgraded Old National Bancorp from a sell rating to a hold rating in a research report on Thursday, August 1st. BidaskClub raised Old National Bancorp from a hold rating to a buy rating in a research note on Saturday, September 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Old National Bancorp presently has an average rating of Hold and a consensus target price of $20.00.
Old National Bancorp (NASDAQ:ONB) last released its earnings results on Monday, July 22nd. The bank reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.04. Old National Bancorp had a return on equity of 8.72% and a net margin of 24.22%. The firm had revenue of $208.50 million for the quarter, compared to analysts’ expectations of $200.05 million. During the same quarter in the previous year, the business posted $0.29 earnings per share. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, research analysts predict that Old National Bancorp will post 1.37 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date was Friday, August 30th. Old National Bancorp’s payout ratio is 40.31%.
Several hedge funds have recently made changes to their positions in the company. Stephens Inc. AR boosted its stake in shares of Old National Bancorp by 6.9% during the second quarter. Stephens Inc. AR now owns 10,832 shares of the bank’s stock valued at $180,000 after purchasing an additional 697 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Old National Bancorp by 1.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 64,646 shares of the bank’s stock valued at $1,072,000 after purchasing an additional 852 shares in the last quarter. Resources Investment Advisors Inc. boosted its stake in shares of Old National Bancorp by 13.5% during the first quarter. Resources Investment Advisors Inc. now owns 7,755 shares of the bank’s stock valued at $127,000 after purchasing an additional 920 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Old National Bancorp by 1.7% during the second quarter. Oregon Public Employees Retirement Fund now owns 59,328 shares of the bank’s stock valued at $984,000 after purchasing an additional 1,000 shares in the last quarter. Finally, United Capital Financial Advisers LLC boosted its stake in shares of Old National Bancorp by 1.9% during the second quarter. United Capital Financial Advisers LLC now owns 54,880 shares of the bank’s stock valued at $910,000 after purchasing an additional 1,000 shares in the last quarter. 64.65% of the stock is currently owned by hedge funds and other institutional investors.
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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