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

Old National Bancorp (NASDAQ:ONB - Get Free Report) was downgraded by research analysts at StockNews.com from a "hold" rating to a "sell" rating in a report issued on Tuesday.

Several other equities analysts have also issued reports on the company. Royal Bank of Canada lifted their target price on 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. Piper Sandler reissued an "overweight" rating and set a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Barclays lifted their price target on shares of Old National Bancorp from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, November 26th. Raymond James upgraded 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, Keefe, Bruyette & Woods boosted their target price on Old National Bancorp from $23.00 to $28.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $24.25.

Old National Bancorp Trading Down 0.6 %

NASDAQ:ONB traded down $0.13 during mid-day trading on Tuesday, hitting $22.86. 432,191 shares of the stock traded hands, compared to its average volume of 2,136,338. Old National Bancorp has a 52 week low of $15.36 and a 52 week high of $23.76. The stock has a market capitalization of $7.29 billion, a price-to-earnings ratio of 13.85 and a beta of 0.86. The firm's 50 day moving average is $20.04 and its two-hundred day moving average is $18.72. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $482.20 million. During the same period in the prior year, the firm earned $0.51 earnings per share. The firm's revenue for the quarter was up 6.5% compared to the same quarter last year. On average, equities research analysts predict that Old National Bancorp will post 1.84 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its stake in shares of Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank's stock worth $26,000 after buying an additional 1,325 shares during the period. GAMMA Investing LLC lifted its holdings in Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank's stock valued at $26,000 after purchasing an additional 1,005 shares in the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Old National Bancorp in the second quarter valued at about $28,000. Quest Partners LLC purchased a new stake in shares of Old National Bancorp during the third quarter worth about $91,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Old National Bancorp during the 2nd quarter worth about $103,000. 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.