Old National Bancorp (NASDAQ:ONB) Rating Increased to Hold at StockNews.com

Old National Bancorp (NASDAQ:ONB) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.

Separately, Barclays raised their target price on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp Stock Performance

Shares of ONB opened at $23.14 on Monday. Old National Bancorp has a 12 month low of $14.32 and a 12 month high of $23.76. The stock has a fifty day moving average price of $19.63 and a 200-day moving average price of $18.52. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The firm has a market cap of $7.38 billion, a PE ratio of 14.07 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. During the same quarter in the prior year, the business posted $0.51 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities research analysts predict that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its position in shares of Old National Bancorp by 12.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after buying an additional 1,896,748 shares during the period. State Street Corp raised its position in shares of Old National Bancorp by 0.3% during the 3rd quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock valued at $275,941,000 after buying an additional 42,723 shares during the period. American Century Companies Inc. raised its position in shares of Old National Bancorp by 3.2% during the 2nd quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock valued at $242,795,000 after buying an additional 441,887 shares during the period. Geode Capital Management LLC raised its position in shares of Old National Bancorp by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after buying an additional 514,315 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Old National Bancorp by 147.3% during the 3rd quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after buying an additional 4,303,071 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

About Old National Bancorp

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.