Old National Bancorp (ONB) Downgraded by BidaskClub to Buy

Old National Bancorp (NASDAQ:ONB) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Several other equities analysts also recently commented on ONB. ValuEngine downgraded shares of Old National Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, August 13th. DA Davidson upped their price target on shares of Old National Bancorp from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Monday, June 25th. Raymond James downgraded shares of Old National Bancorp from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 10th. Zacks Investment Research downgraded shares of Old National Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Finally, Sandler O’Neill restated a “hold” rating and issued a $19.00 price target on shares of Old National Bancorp in a research note on Monday, June 25th. Eleven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $19.92.

ONB stock opened at $19.95 on Tuesday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.87 and a current ratio of 0.88. Old National Bancorp has a 52 week low of $15.38 and a 52 week high of $20.55. The stock has a market capitalization of $3.06 billion, a P/E ratio of 18.14, a price-to-earnings-growth ratio of 1.92 and a beta of 0.90.

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

Institutional investors and hedge funds have recently bought and sold shares of the stock. MUFG Americas Holdings Corp bought a new stake in Old National Bancorp during the second quarter worth about $104,000. Qube Research & Technologies Ltd bought a new stake in Old National Bancorp during the second quarter worth about $119,000. Citigroup Inc. lifted its position in Old National Bancorp by 105.6% during the first quarter. Citigroup Inc. now owns 8,919 shares of the bank’s stock worth $150,000 after purchasing an additional 4,582 shares during the period. Natixis bought a new stake in Old National Bancorp during the first quarter worth about $172,000. Finally, Valeo Financial Advisors LLC lifted its position in Old National Bancorp by 47.4% during the second quarter. Valeo Financial Advisors LLC now owns 11,010 shares of the bank’s stock worth $213,000 after purchasing an additional 3,541 shares during the period. 73.46% of the stock is owned by institutional investors and hedge funds.

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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