Old National Bancorp (NASDAQ:ONB) Stock Price Breaks Above 50 Day Moving Average Following Analyst Downgrade

Shares of Old National Bancorp (NASDAQ:ONB) crossed above its 50 day moving average during trading on Monday after Weiss Ratings upgraded the stock from a buy (b) rating to a buy (b+) rating. The stock has a 50 day moving average of $25.17 and traded as high as $25.70. Old National Bancorp shares last traded at $25.36, with a volume of 3,033,300 shares.

A number of other analysts have also issued reports on ONB. Citigroup lowered their target price on shares of Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, September 22nd. Royal Bank Of Canada reduced their price target on shares of Old National Bancorp from $29.00 to $28.00 and set a “sector perform” rating on the stock in a research note on Friday, October 9th. TD Cowen decreased their price objective on shares of Old National Bancorp from $30.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Barclays boosted their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and a consensus target price of $29.57.

Insiders Place Their Bets

In other news, CFO John Moran sold 19,261 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $25.57, for a total value of $492,503.77. Following the sale, the chief financial officer directly owned 101,467 shares in the company, valued at approximately $2,594,511.19. This trade represents a 15.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.72% of the stock is currently owned by insiders.

Institutional Trading of Old National Bancorp

A number of institutional investors have recently made changes to their positions in the business. Valeo Financial Advisors LLC increased its position in Old National Bancorp by 1.9% during the 3rd quarter. Valeo Financial Advisors LLC now owns 27,233 shares of the bank’s stock valued at $671,000 after buying an additional 514 shares in the last quarter. Hantz Financial Services Inc. raised its stake in Old National Bancorp by 1.0% in the third quarter. Hantz Financial Services Inc. now owns 61,769 shares of the bank’s stock valued at $1,522,000 after buying an additional 603 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Old National Bancorp by 16.0% in the third quarter. Parallel Advisors LLC now owns 4,841 shares of the bank’s stock worth $119,000 after acquiring an additional 669 shares in the last quarter. Fortitude Family Office LLC boosted its holdings in Old National Bancorp by 313.5% in the third quarter. Fortitude Family Office LLC now owns 1,075 shares of the bank’s stock worth $26,000 after acquiring an additional 815 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of Old National Bancorp by 2.9% during the third quarter. Quadrant Capital Group LLC now owns 32,349 shares of the bank’s stock worth $796,000 after acquiring an additional 903 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Price Performance

The firm has a market cap of $9.59 billion, a PE ratio of 10.35 and a beta of 0.88. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.85. The stock has a 50 day moving average price of $25.17 and a two-hundred day moving average price of $24.67.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, October 21st. The bank reported $0.66 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.66. The firm had revenue of $719.00 million for the quarter, compared to the consensus estimate of $732.04 million. Old National Bancorp had a net margin of 23.36% and a return on equity of 12.02%. During the same quarter in the prior year, the company posted $0.59 earnings per share. As a group, equities analysts expect that Old National Bancorp will post 2.57 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th were paid a dividend of $0.1450 per share. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, September 4th. Old National Bancorp’s payout ratio is presently 23.67%.

Old National Bancorp Company Profile

Old National Bancorp is a regional bank holding company headquartered in Evansville, Indiana. Founded in 1834, it operates primarily through Old National Bank, serving individuals, businesses and organizations across the Midwest.

The company offers consumer and commercial banking services, including checking and savings accounts, loans, mortgages, treasury management and digital banking. It also provides wealth management and trust services, as well as solutions for businesses and institutional clients.

Old National has expanded over its history through organic growth and acquisitions, building a presence in markets including Indiana, Illinois, Michigan, Wisconsin, Minnesota and Kentucky.