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

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

A number of other analysts also recently commented on the company. Keefe, Bruyette & Woods raised their price objective on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Barclays raised their target price on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Piper Sandler reissued an “overweight” rating and issued a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a report on Tuesday, November 26th. Finally, Royal Bank of Canada upped their target price on shares of Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.25.

Old National Bancorp Trading Down 0.7 %

Shares of Old National Bancorp stock opened at $22.99 on Tuesday. Old National Bancorp has a 1 year low of $15.36 and a 1 year high of $23.76. The company’s fifty day simple moving average is $19.95 and its 200-day simple moving average is $18.68. The company has a market cap of $7.33 billion, a price-to-earnings ratio of 13.93 and a beta of 0.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. During the same quarter in the previous year, the firm posted $0.51 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. As a group, sell-side analysts expect that Old National Bancorp will post 1.84 EPS for the current year.

Hedge Funds Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Old National Bancorp by 188.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock valued at $885,000 after purchasing an additional 33,615 shares in the last quarter. Busey Bank raised its position in shares of Old National Bancorp by 41.6% during the second quarter. Busey Bank now owns 38,519 shares of the bank’s stock worth $662,000 after acquiring an additional 11,316 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Old National Bancorp by 2.9% during the third quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank’s stock valued at $59,453,000 after acquiring an additional 90,747 shares during the period. Retirement Systems of Alabama boosted its holdings in Old National Bancorp by 6.1% in the second quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank’s stock valued at $6,700,000 after acquiring an additional 22,249 shares during the last quarter. Finally, Citigroup Inc. increased its position in Old National Bancorp by 12.1% in the third quarter. Citigroup Inc. now owns 485,023 shares of the bank’s stock worth $9,051,000 after purchasing an additional 52,430 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

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.