Short Interest in Old National Bancorp (NASDAQ:ONB) Declines By 18.3%

Old National Bancorp (NASDAQ:ONB) was the target of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 9,580,000 shares, a drop of 18.3% from the March 31st total of 11,730,000 shares. Based on an average trading volume of 2,250,000 shares, the days-to-cover ratio is presently 4.3 days.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $20.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Barclays lifted their price objective on Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24th. Stephens lowered their target price on Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 9th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $18.86.

Old National Bancorp Stock Up 0.8 %

NASDAQ:ONB traded up $0.13 during trading hours on Monday, reaching $16.70. 2,397,199 shares of the company traded hands, compared to its average volume of 2,188,755. The business’s 50-day moving average price is $16.48 and its two-hundred day moving average price is $15.96. The stock has a market capitalization of $4.90 billion, a P/E ratio of 9.03 and a beta of 0.83. Old National Bancorp has a 1 year low of $11.66 and a 1 year high of $17.64. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.95.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The business had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 earnings per share. Analysts predict that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s payout ratio is 30.27%.

Insider Buying and Selling

In related news, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the transaction, the chief financial officer now directly owns 88,712 shares in the company, valued at approximately $1,444,231.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Great Lakes Advisors LLC raised its stake in shares of Old National Bancorp by 1,897.8% in the third quarter. Great Lakes Advisors LLC now owns 286,384 shares of the bank’s stock worth $4,164,000 after purchasing an additional 272,049 shares during the last quarter. Foundry Partners LLC raised its stake in shares of Old National Bancorp by 2,494.5% in the fourth quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock worth $8,141,000 after purchasing an additional 463,449 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Old National Bancorp by 18.7% in the fourth quarter. Federated Hermes Inc. now owns 341,484 shares of the bank’s stock worth $5,768,000 after purchasing an additional 53,792 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Old National Bancorp by 79.1% in the fourth quarter. Pacer Advisors Inc. now owns 43,993 shares of the bank’s stock worth $743,000 after purchasing an additional 19,430 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Old National Bancorp by 31.5% in the fourth quarter. New York State Common Retirement Fund now owns 1,191,832 shares of the bank’s stock worth $20,130,000 after purchasing an additional 285,603 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.