StockNews.com Lowers Old National Bancorp (NASDAQ:ONB) to Sell

Old National Bancorp (NASDAQ:ONB) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

Several other research firms have also recently commented on ONB. Barclays raised their target price on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, June 24th. Hovde Group assumed coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They set an “outperform” rating and a $20.00 target price on the stock. Finally, Royal Bank of Canada raised their target price on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and an average price target of $19.63.

Old National Bancorp Stock Down 1.6 %

ONB stock opened at $18.56 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.96. Old National Bancorp has a fifty-two week low of $12.36 and a fifty-two week high of $20.43. The firm’s 50-day simple moving average is $17.95 and its 200 day simple moving average is $17.07. The stock has a market cap of $5.92 billion, a PE ratio of 10.03 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. The business had revenue of $750.93 million for the quarter, compared to analysts’ expectations of $474.10 million. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. During the same quarter last year, the company earned $0.54 EPS. As a group, sell-side analysts predict that Old National Bancorp will post 1.85 EPS for the current year.

Insiders Place Their Bets

In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the transaction, the chief executive officer now directly owns 50,001 shares in the company, valued at $795,015.90. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO James A. Sandgren sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total transaction of $498,500.00. Following the completion of the sale, the chief executive officer now directly owns 287,409 shares in the company, valued at $5,730,935.46. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following the sale, the chief executive officer now owns 50,001 shares of the company’s stock, valued at $795,015.90. The disclosure for this sale can be found here. Insiders sold a total of 62,165 shares of company stock worth $1,168,424 over the last ninety days. 1.07% of the stock is currently owned by company insiders.

Institutional Trading of Old National Bancorp

A number of institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in Old National Bancorp by 12.7% in the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after acquiring an additional 1,896,748 shares during the last quarter. American Century Companies Inc. lifted its stake in Old National Bancorp by 3.2% in the second quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock valued at $242,795,000 after acquiring an additional 441,887 shares during the last quarter. Channing Capital Management LLC lifted its stake in Old National Bancorp by 33.9% in the fourth quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock valued at $84,203,000 after acquiring an additional 1,263,060 shares during the last quarter. Verition Fund Management LLC lifted its stake in Old National Bancorp by 48.9% in the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock valued at $63,787,000 after acquiring an additional 1,240,952 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Old National Bancorp by 6.1% in the second quarter. Bank of New York Mellon Corp now owns 3,544,124 shares of the bank’s stock valued at $60,923,000 after acquiring an additional 203,088 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Company Profile

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.