Old National Bancorp (NASDAQ:ONB) Stock Rating Upgraded by StockNews.com

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

Separately, Barclays lifted their target price on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.44.

Old National Bancorp Price Performance

NASDAQ ONB opened at $23.14 on Monday. The company has a market capitalization of $7.38 billion, a PE ratio of 14.07 and a beta of 0.82. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. The business’s fifty day moving average is $19.63 and its 200 day moving average is $18.52. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $23.76.

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

Institutional Trading of Old National Bancorp

A number of large investors have recently modified their holdings of ONB. Victory Capital Management Inc. boosted its holdings in shares of Old National Bancorp by 147.3% in the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock valued at $134,820,000 after purchasing an additional 4,303,071 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Old National Bancorp by 12.7% during the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock worth $289,481,000 after buying an additional 1,896,748 shares during the period. Point72 Asset Management L.P. lifted its holdings in Old National Bancorp by 6,650.2% during the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock worth $21,931,000 after buying an additional 1,256,892 shares during the period. New York State Common Retirement Fund lifted its holdings in Old National Bancorp by 469.7% during the third quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock worth $19,400,000 after buying an additional 857,158 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after buying an additional 514,315 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.