Old National Bancorp (NASDAQ:ONB – Get Free Report) CFO John Moran sold 19,261 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $25.57, for a total transaction of $492,503.77. Following the completion of the sale, the chief financial officer owned 101,467 shares of the company’s stock, valued at $2,594,511.19. This trade represents a 15.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Old National Bancorp Stock Down 3.2%
Shares of NASDAQ:ONB opened at $25.05 on Friday. The company has a market cap of $9.48 billion, a price-to-earnings ratio of 10.22 and a beta of 0.88. The firm’s 50-day simple moving average is $25.20 and its 200-day simple moving average is $24.66. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.85. Old National Bancorp has a fifty-two week low of $19.60 and a fifty-two week high of $27.36.
Old National Bancorp (NASDAQ:ONB – Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The bank reported $0.66 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.66. The firm had revenue of $719.00 million during the quarter, compared to analysts’ expectations of $732.04 million. Old National Bancorp had a net margin of 23.36% and a return on equity of 12.02%. During the same period in the prior year, the company posted $0.59 earnings per share. As a group, equities research analysts predict that Old National Bancorp will post 2.57 earnings per share for the current year.
Old National Bancorp Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Saturday, September 5th were given a dividend of $0.1450 per share. The ex-dividend date was Friday, September 4th. This represents a $0.58 annualized dividend and a yield of 2.3%. Old National Bancorp’s payout ratio is presently 23.67%.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in ONB. Valeo Financial Advisors LLC grew its position in shares of Old National Bancorp by 1.9% in the third quarter. Valeo Financial Advisors LLC now owns 27,233 shares of the bank’s stock valued at $671,000 after purchasing an additional 514 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Old National Bancorp by 16.0% during the 3rd quarter. Parallel Advisors LLC now owns 4,841 shares of the bank’s stock worth $119,000 after purchasing an additional 669 shares during the last quarter. Fortitude Family Office LLC raised its position in shares of Old National Bancorp by 313.5% during the 3rd quarter. Fortitude Family Office LLC now owns 1,075 shares of the bank’s stock worth $26,000 after purchasing an additional 815 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Old National Bancorp by 2.9% during the 3rd quarter. Quadrant Capital Group LLC now owns 32,349 shares of the bank’s stock worth $796,000 after purchasing an additional 903 shares during the last quarter. Finally, Keybank National Association OH lifted its stake in Old National Bancorp by 4.0% in the 3rd quarter. Keybank National Association OH now owns 29,161 shares of the bank’s stock valued at $719,000 after buying an additional 1,123 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
ONB has been the subject of a number of analyst reports. Wells Fargo & Company initiated coverage on Old National Bancorp in a research note on Thursday, September 24th. They set an “overweight” rating and a $30.00 target price for the company. National Bank Financial set a $32.00 price objective on Old National Bancorp in a report on Friday, September 11th. Raymond James Financial upgraded Old National Bancorp from a “market perform” rating to an “outperform” rating and set a $29.00 price objective for the company in a research report on Tuesday, October 6th. Piper Sandler began coverage on Old National Bancorp in a report on Thursday, September 17th. They issued an “overweight” rating and a $32.00 target price for the company. Finally, Citigroup reduced their target price on Old National Bancorp from $31.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, September 22nd. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $29.64.
Get Our Latest Report on Old National Bancorp
Old National Bancorp Company Profile
Old National Bancorp (NASDAQ: ONB) is a regional financial services company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial solutions to individuals, families, businesses and institutions.
Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.
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