Old National Bancorp (NASDAQ:ONB) Downgraded by StockNews.com to “Sell”

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

ONB has been the subject of several other research reports. Stephens dropped their price target on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. Barclays upped their price objective on Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, April 24th. UBS Group reduced their target price on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Wednesday, January 24th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $20.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Old National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.86.

Old National Bancorp Price Performance

ONB stock opened at $17.19 on Friday. The stock has a market capitalization of $5.48 billion, a price-to-earnings ratio of 9.29 and a beta of 0.83. The stock’s fifty day simple moving average is $16.52 and its 200-day simple moving average is $16.03. Old National Bancorp has a 52-week low of $11.66 and a 52-week high of $17.64. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. The company had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. During the same quarter in the previous year, the business earned $0.54 EPS. The firm’s revenue was down 3.8% on a year-over-year basis. Equities research analysts expect that Old National Bancorp will post 1.83 EPS for the current year.

Insider Activity

In other news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total transaction of $803,825.00. Following the sale, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.07% of the company’s stock.

Institutional Trading of Old National Bancorp

Large investors have recently modified their holdings of the business. Rise Advisors LLC purchased a new position in Old National Bancorp in the first quarter valued at about $28,000. Parkside Financial Bank & Trust boosted its stake in shares of Old National Bancorp by 57.2% during the 3rd quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock valued at $38,000 after buying an additional 949 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Old National Bancorp by 14.5% during the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock valued at $136,000 after buying an additional 1,020 shares during the last quarter. Legacy Wealth Asset Management LLC acquired a new stake in shares of Old National Bancorp during the fourth quarter worth approximately $181,000. Finally, Trust Point Inc. bought a new stake in shares of Old National Bancorp in the fourth quarter worth $189,000. 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.