Old National Bancorp (NASDAQ:ONB) Sees Large Drop in Short Interest

Old National Bancorp (NASDAQ:ONB) was the recipient of a significant drop in short interest in May. As of May 31st, there was short interest totalling 18,360,000 shares, a drop of 54.2% from the May 15th total of 40,120,000 shares. Based on an average daily volume of 3,350,000 shares, the days-to-cover ratio is presently 5.5 days. Currently, 5.8% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ONB. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a research note on Tuesday, May 20th. Barclays decreased their target price on shares of Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Stephens reiterated an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a research report on Monday, April 14th. Raymond James reduced their price objective on Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, Royal Bank of Canada decreased their price objective on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.90.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC purchased a new position in shares of Old National Bancorp during the fourth quarter worth approximately $28,000. Allspring Global Investments Holdings LLC grew its stake in Old National Bancorp by 121,882.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,696,774 shares of the bank’s stock worth $35,921,000 after purchasing an additional 1,695,383 shares in the last quarter. Valeo Financial Advisors LLC increased its holdings in Old National Bancorp by 8.9% during the 4th quarter. Valeo Financial Advisors LLC now owns 25,364 shares of the bank’s stock worth $551,000 after purchasing an additional 2,069 shares during the period. Rhumbline Advisers increased its holdings in Old National Bancorp by 1.5% during the 4th quarter. Rhumbline Advisers now owns 1,123,805 shares of the bank’s stock worth $24,392,000 after purchasing an additional 16,878 shares during the period. Finally, Stieven Capital Advisors L.P. bought a new stake in Old National Bancorp during the 4th quarter valued at $10,165,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Trading Up 1.1%

Shares of ONB traded up $0.22 during mid-day trading on Monday, reaching $20.64. 2,606,545 shares of the company’s stock traded hands, compared to its average volume of 3,208,979. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. The stock’s 50-day moving average is $20.72 and its two-hundred day moving average is $21.72. Old National Bancorp has a 12 month low of $15.60 and a 12 month high of $24.49. The stock has a market cap of $6.60 billion, a P/E ratio of 12.29 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.42 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. The company had revenue of $486.87 million for the quarter, compared to the consensus estimate of $478.37 million. Research analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Thursday, June 5th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Thursday, June 5th. Old National Bancorp’s payout ratio is presently 32.56%.

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.