Old National Bancorp (NASDAQ:ONB) Lowered to “Sell” at StockNews.com

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

A number of other research analysts have also weighed in on the company. Hovde Group assumed coverage on Old National Bancorp in a report on Monday, June 3rd. They set an “outperform” rating and a $20.00 target price for the company. Royal Bank of Canada boosted their price objective on Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. Finally, Barclays boosted their price objective on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday. One equities 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $19.88.

Old National Bancorp Trading Up 1.1 %

Shares of ONB opened at $18.66 on Tuesday. The business has a 50-day moving average of $18.92 and a 200 day moving average of $17.61. Old National Bancorp has a fifty-two week low of $12.36 and a fifty-two week high of $20.43. The firm has a market cap of $5.95 billion, a P/E ratio of 10.09 and a beta of 0.83. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.93 and a current ratio of 0.94.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. The business had revenue of $750.93 million during the quarter, compared to analyst estimates of $474.10 million. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. During the same quarter in the previous year, the firm earned $0.54 EPS. As a group, research analysts forecast that Old National Bancorp will post 1.85 EPS for the current year.

Insider Activity

In other news, CEO James A. Sandgren sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the transaction, the chief executive officer now directly owns 287,409 shares of the company’s stock, valued at $5,730,935.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Kendra L. Vanzo sold 20,000 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total value of $397,000.00. Following the sale, the insider now directly owns 117,676 shares of the company’s stock, valued at $2,335,868.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total value 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 disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONB. GAMMA Investing LLC grew its stake in shares of Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after acquiring an additional 1,005 shares during the last quarter. Rise Advisors LLC purchased a new stake in shares of Old National Bancorp in the first quarter worth $28,000. HHM Wealth Advisors LLC purchased a new stake in shares of Old National Bancorp in the second quarter worth $28,000. LRI Investments LLC purchased a new stake in shares of Old National Bancorp in the first quarter worth $48,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Old National Bancorp in the second quarter worth $103,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

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.