Independence Bank of Kentucky Sells 2,475 Shares of Old National Bancorp (NASDAQ:ONB)

Independence Bank of Kentucky decreased its position in Old National Bancorp (NASDAQ:ONB) by 22.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,645 shares of the bank’s stock after selling 2,475 shares during the quarter. Independence Bank of Kentucky’s holdings in Old National Bancorp were worth $183,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ONB. Lee Danner & Bass Inc. purchased a new position in Old National Bancorp during the 4th quarter valued at about $25,000. Empowered Funds LLC bought a new stake in shares of Old National Bancorp in the 4th quarter worth approximately $28,000. Bank of Jackson Hole Trust purchased a new position in shares of Old National Bancorp during the fourth quarter valued at approximately $65,000. Allworth Financial LP raised its holdings in shares of Old National Bancorp by 150.5% during the fourth quarter. Allworth Financial LP now owns 3,507 shares of the bank’s stock valued at $82,000 after acquiring an additional 2,107 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of Old National Bancorp by 157.7% during the first quarter. Versant Capital Management Inc now owns 4,298 shares of the bank’s stock valued at $91,000 after acquiring an additional 2,630 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Stock Performance

Shares of ONB opened at $21.25 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84. The stock has a market cap of $6.79 billion, a P/E ratio of 12.65 and a beta of 0.86. The business’s 50 day moving average price is $20.49 and its 200-day moving average price is $21.77. Old National Bancorp has a 52 week low of $15.60 and a 52 week high of $24.49.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $486.87 million during the quarter, compared to analysts’ expectations of $478.37 million. Equities research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Thursday, June 5th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend is Thursday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is 32.56%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Royal Bank of Canada reduced their price objective on shares of 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. Citigroup reduced their price target on shares of Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Truist Financial assumed coverage on shares of Old National Bancorp in a research note on Tuesday, May 13th. They issued a “buy” rating and a $26.00 price target for the company. Stephens restated an “overweight” rating and issued a $27.00 price objective on shares of Old National Bancorp in a report on Monday, April 14th. Finally, National Bankshares set a $24.00 target price on Old National Bancorp in a report on Tuesday, May 20th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.90.

Old National Bancorp 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.