Old National Bancorp (NASDAQ:ONB) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Old National Bancorp (NASDAQ:ONB) from a sell rating to a hold rating in a research report report published on Wednesday, Zacks.com reports.

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) “

Separately, BidaskClub upgraded shares of Zillow Group from a buy rating to a strong-buy rating in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $21.00.

NASDAQ ONB opened at $16.93 on Wednesday. The firm has a market capitalization of $2.95 billion, a P/E ratio of 13.23, a PEG ratio of 1.58 and a beta of 0.98. The firm’s fifty day simple moving average is $16.51. Old National Bancorp has a 1 year low of $14.45 and a 1 year high of $20.95. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.76.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Monday, April 22nd. The bank reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. The company had revenue of $196.60 million during the quarter, compared to the consensus estimate of $198.64 million. Old National Bancorp had a net margin of 23.07% and a return on equity of 8.43%. The firm’s quarterly revenue was up 13.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.34 earnings per share. As a group, equities analysts predict that Old National Bancorp will post 1.34 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.52 dividend on an annualized basis and a yield of 3.07%. Old National Bancorp’s dividend payout ratio is presently 40.31%.

In other Old National Bancorp news, insider Daryl D. Moore sold 10,000 shares of Old National Bancorp stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $17.15, for a total value of $171,500.00. Following the completion of the transaction, the insider now owns 85,979 shares of the company’s stock, valued at $1,474,539.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.41% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ONB. Norges Bank purchased a new position in Old National Bancorp in the fourth quarter valued at $31,683,000. Cetera Advisor Networks LLC purchased a new stake in shares of Old National Bancorp during the fourth quarter worth about $5,614,000. RK Capital Management LLC purchased a new stake in shares of Old National Bancorp during the first quarter worth about $5,740,000. BlackRock Inc. increased its stake in shares of Old National Bancorp by 0.9% during the first quarter. BlackRock Inc. now owns 22,378,485 shares of the bank’s stock worth $367,006,000 after purchasing an additional 207,834 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Old National Bancorp by 12.1% during the fourth quarter. Geode Capital Management LLC now owns 1,764,286 shares of the bank’s stock worth $27,170,000 after purchasing an additional 191,132 shares in the last quarter. 63.87% of the stock is owned by 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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