Former National Bancorp (NASDAQ:ONB) rating upgraded to overweight at Stephens

Old National Bancorp (NASDAQ:ONB – Get Quote) was upgraded by Stephens Research analysts from an “equal weight” rating to an “overweight” rating in a report on Friday, reports The Fly.

ONB has been the subject of a number of other reports. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday. Royal Bank of Canada raised its price target on Old National Bancorp from $20.00 to $21.00 and gave the stock a “sector performance” rating in a research report Wednesday, January 19. Finally, Zacks Investment Research upgraded Old National Bancorp from a “hold” rating to a “buy” rating and set a price target of $17.00 on the stock in a Friday, April 29 research report. Two analysts rated the stock with a hold rating and four gave the company a buy rating. According to data from MarketBeat.com, Old National Bancorp currently has an average rating of “Buy” and a consensus price target of $20.00.

ONB shares opened at $15.42 on Friday. The company has a market capitalization of $2.56 billion, a PE ratio of 15.12 and a beta of 0.80. Old National Bancorp has a one-year low of $14.91 and a one-year high of $20.81. The company has a debt ratio of 0.77, a current ratio of 0.83 and a quick ratio of 0.83. The company’s fifty-day moving average price is $16.23 and its 200-day moving average price is $17.58.

(A d)

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Old National Bancorp (NASDAQ:ONB – Get Rating) last released its results on Tuesday, April 26. The bank reported earnings per share of $0.40 for the quarter, beating the consensus estimate of $0.34 by $0.06. Old National Bancorp had a net margin of 17.40% and a return on equity of 8.31%. The company posted revenue of $291.80 million for the quarter, versus analyst estimates of $275.50 million. During the same period of the previous year, the company achieved EPS of $0.52. The company’s revenue increased 40.1% year over year. Analysts expect Old National Bancorp to post earnings per share of 1.69 for the current year.

In other Old National Bancorp news, CEO James C. Ryan III acquired 6,550 shares of the company in a transaction that took place on Thursday, April 28. The shares were acquired at an average price of $15.24 per share, with a total value of $99,822.00. As a result of the purchase, the CEO now owns 124,614 shares of the company, valued at approximately $1,899,117.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. Additionally, COO Mark G. Sander acquired 7,000 shares of the company in a transaction that took place on Monday, May 2. The shares were acquired at an average cost of $15.31 per share, for a total transaction of $107,170.00. Following the purchase, the COO now directly owns 387,564 shares of the company, valued at approximately $5,933,604.84. Disclosure of this purchase can be found here. Over the past ninety days, insiders have purchased 24,720 shares of the company worth $377,713. Insiders of the company own 0.70% of the shares of the company.

Institutional investors have recently changed their stock portfolios. Morgan Stanley increased its stake in Old National Bancorp by 1.4% during the second quarter. Morgan Stanley now owns 729,895 shares of the bank worth $12,853,000 after buying an additional 10,007 shares last quarter. Raymond James & Associates bought a new position in Old National Bancorp during the third quarter worth approximately $256,000. Raymond James Financial Services Advisors Inc. increased its position in Old National Bancorp by 2.6% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 31,958 shares of the bank worth $542,000 after acquiring 806 additional shares in the last quarter. The Swiss National Bank increased its position in Old National Bancorp by 0.4% during the third quarter. The Swiss National Bank now owns 366,084 shares in the bank worth $6,205,000 after acquiring 1,600 more shares in the last quarter. Finally, the Toronto Dominion Bank increased its position in Old National Bancorp by 81.0% during the third quarter. The Toronto Dominion Bank now owns 4,783 shares of the bank worth $81,000 after acquiring 2,141 additional shares in the last quarter. 78.66% of the shares are currently held by institutional investors and hedge funds.

About the former national bank (Get an evaluation)

Old National Bancorp operates as a bank holding company for Old National Bank which provides various financial services to individuals and businesses in the United States. It accepts deposit accounts, including non-interest-bearing current accounts, interest-bearing checks, negotiable withdrawal orders, savings and money market accounts, and term deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit and leasing.

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