Old National Bancorp (NASDAQ:ONB) Upgraded to Buy by Zacks Investment Research

Old National Bancorp (NASDAQ:ONB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, December 27th. The brokerage currently has a $20.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 8.70% from the stock’s previous close.

According to Zacks, “Old National Bancorp is a bank holding company that operates banking offices and ATMs throughout Indiana, Illinois, Ohio, Kentucky, and Tennessee. Through various subsidiaries, Old National provides a broad range of banking services as well as trust and investment management services, insurance brokerage services for both individuals and companies, and investment products. (Company Press Release) “

Several other research analysts also recently issued reports on the stock. Piper Jaffray Companies started coverage on shares of Old National Bancorp in a report on Friday, October 6th. They set a “neutral” rating and a $19.00 price objective on the stock. Boenning Scattergood started coverage on shares of Old National Bancorp in a report on Wednesday, October 4th. They set an “outperform” rating and a $20.50 price objective on the stock. BidaskClub upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Jefferies Group reiterated a “hold” rating and set a $18.00 target price on shares of Old National Bancorp in a research report on Friday, September 15th. Finally, UBS Group upgraded shares of Old National Bancorp from a “market perform” rating to an “outperform” rating in a research report on Tuesday, September 19th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $19.19.

Shares of Old National Bancorp (NASDAQ:ONB) opened at $18.40 on Wednesday. The stock has a market cap of $2,490.00, a price-to-earnings ratio of 16.88 and a beta of 1.03. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 0.86. Old National Bancorp has a 52 week low of $15.38 and a 52 week high of $18.95.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, October 24th. The bank reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The business had revenue of $154.84 million for the quarter, compared to the consensus estimate of $152.48 million. Old National Bancorp had a net margin of 21.61% and a return on equity of 8.39%. During the same quarter last year, the firm earned $0.25 EPS. equities research analysts expect that Old National Bancorp will post 1.08 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC acquired a new position in shares of Old National Bancorp during the third quarter worth approximately $129,000. Advisor Group Inc. lifted its position in shares of Old National Bancorp by 219.1% during the third quarter. Advisor Group Inc. now owns 9,921 shares of the bank’s stock worth $181,000 after purchasing an additional 6,812 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Old National Bancorp by 7.1% during the second quarter. Teacher Retirement System of Texas now owns 10,821 shares of the bank’s stock worth $187,000 after purchasing an additional 717 shares in the last quarter. Stifel Financial Corp acquired a new position in shares of Old National Bancorp during the third quarter worth approximately $196,000. Finally, Adviser Investments LLC acquired a new position in shares of Old National Bancorp during the third quarter worth approximately $212,000. Hedge funds and other institutional investors own 72.99% of the company’s stock.

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About Old National Bancorp

Old National Bancorp is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory and other traditional banking services. The Company focuses on community banking.

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