Old National Bancorp (NASDAQ:ONB) Upgraded at StockNews.com

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

ONB has been the topic of a number of other research reports. Hovde Group started coverage on Old National Bancorp in a research note on Monday, June 3rd. They issued an “outperform” rating and a $20.00 price objective on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $20.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Finally, Barclays boosted their price objective on Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Old National Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $19.13.

Old National Bancorp Stock Up 2.7 %

Shares of Old National Bancorp stock opened at $17.19 on Friday. The business’s fifty day moving average price is $16.75 and its two-hundred day moving average price is $16.62. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $5.48 billion, a P/E ratio of 9.29 and a beta of 0.83. Old National Bancorp has a 1-year low of $12.36 and a 1-year high of $17.82.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. The firm had revenue of $440.20 million for the quarter, compared to the consensus estimate of $440.00 million. During the same quarter in the previous year, the business earned $0.54 EPS. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, research analysts forecast that Old National Bancorp will post 1.82 EPS for the current year.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the transaction, the chief executive officer now owns 50,001 shares in the company, valued at $795,015.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the sale, the chief executive officer now owns 50,001 shares of the company’s stock, valued at $795,015.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Brendon B. Falconer sold 49,375 shares of the business’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 sale, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at approximately $1,444,231.36. The disclosure for this sale can be found here. Corporate insiders own 1.07% of the company’s stock.

Hedge Funds Weigh In On Old National Bancorp

Several large investors have recently made changes to their positions in ONB. Rise Advisors LLC acquired a new position in Old National Bancorp in the 1st quarter valued at approximately $28,000. LRI Investments LLC bought a new position in Old National Bancorp in the 1st quarter valued at $48,000. Parkside Financial Bank & Trust lifted its stake in shares of Old National Bancorp by 24.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock valued at $55,000 after purchasing an additional 650 shares during the period. Quadrant Capital Group LLC lifted its stake in shares of Old National Bancorp by 14.5% in the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock valued at $136,000 after purchasing an additional 1,020 shares during the period. Finally, Legacy Wealth Asset Management LLC acquired a new position in shares of Old National Bancorp in the 4th quarter valued at $181,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Old National Bancorp

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.