Old National Bancorp (ONB) Raised to Buy at BidaskClub

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BidaskClub upgraded shares of Old National Bancorp (NASDAQ:ONB) from a hold rating to a buy rating in a report published on Wednesday morning.

Other analysts also recently issued reports about the company. Zacks Investment Research downgraded Old National Bancorp from a buy rating to a hold rating in a research report on Tuesday, August 7th. Sandler O’Neill restated a hold rating and issued a $19.00 price objective on shares of Old National Bancorp in a research report on Monday, June 25th. Hovde Group restated a hold rating on shares of Old National Bancorp in a research report on Thursday, July 26th. Stephens upped their price objective on Old National Bancorp from $19.90 to $22.00 and gave the company an overweight rating in a research report on Monday, July 23rd. Finally, ValuEngine downgraded Old National Bancorp from a buy rating to a hold rating in a research report on Monday, August 13th. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $19.92.

Old National Bancorp stock opened at $20.55 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.91. Old National Bancorp has a 1-year low of $15.50 and a 1-year high of $20.60. The company has a market capitalization of $3.12 billion, a P/E ratio of 18.68, a price-to-earnings-growth ratio of 1.95 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Monday, July 23rd. The bank reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.03. The company had revenue of $184.10 million for the quarter, compared to the consensus estimate of $174.05 million. Old National Bancorp had a return on equity of 8.08% and a net margin of 15.19%. Old National Bancorp’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.28 earnings per share. equities analysts anticipate that Old National Bancorp will post 1.31 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 18th. Shareholders of record on Tuesday, September 4th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, August 31st. This represents a $0.52 annualized dividend and a yield of 2.53%. Old National Bancorp’s dividend payout ratio is presently 47.27%.

A number of large investors have recently made changes to their positions in ONB. Thrivent Financial for Lutherans grew its stake in shares of Old National Bancorp by 7.5% in the first quarter. Thrivent Financial for Lutherans now owns 90,127 shares of the bank’s stock valued at $1,523,000 after buying an additional 6,264 shares in the last quarter. Swiss National Bank grew its stake in shares of Old National Bancorp by 2.3% in the first quarter. Swiss National Bank now owns 235,984 shares of the bank’s stock valued at $3,988,000 after buying an additional 5,200 shares in the last quarter. Piedmont Investment Advisors LLC grew its stake in shares of Old National Bancorp by 10.2% in the second quarter. Piedmont Investment Advisors LLC now owns 31,505 shares of the bank’s stock valued at $586,000 after buying an additional 2,904 shares in the last quarter. CWM LLC grew its stake in shares of Old National Bancorp by 48,420.0% in the second quarter. CWM LLC now owns 31,538 shares of the bank’s stock valued at $587,000 after buying an additional 31,473 shares in the last quarter. Finally, LSV Asset Management grew its stake in shares of Old National Bancorp by 3.6% in the first quarter. LSV Asset Management now owns 1,700,900 shares of the bank’s stock valued at $28,745,000 after buying an additional 59,000 shares in the last quarter. Institutional investors own 73.46% of the company’s stock.

Old National Bancorp Company Profile

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, 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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Analyst Recommendations for Old National Bancorp (NASDAQ:ONB)

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