Old National Bancorp (NASDAQ:ONB) Insider Nicholas Chulos Sells 20,000 Shares of Stock

Old National Bancorp (NASDAQ:ONB) insider Nicholas Chulos sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the completion of the sale, the insider owned 53,544 shares of the company’s stock, valued at $1,427,483.04. This trade represents a 27.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Old National Bancorp Trading Down 0.3%

Shares of ONB stock traded down $0.07 during trading hours on Wednesday, reaching $26.82. 3,095,805 shares of the stock were exchanged, compared to its average volume of 3,517,575. The firm has a market capitalization of $10.36 billion, a price-to-earnings ratio of 11.95 and a beta of 0.83. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $27.32. The company’s 50-day moving average price is $25.26 and its 200-day moving average price is $24.09. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.89.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The company had revenue of $732.55 million for the quarter, compared to analyst estimates of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 16.16%. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.53 EPS. As a group, equities analysts anticipate that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a dividend of $0.145 per share. The ex-dividend date was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. Old National Bancorp’s payout ratio is presently 25.78%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ONB shares. Keefe, Bruyette & Woods increased their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Jefferies Financial Group restated a “hold” rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, July 22nd. TD Cowen raised their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Royal Bank Of Canada lifted their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “sector perform” rating in a report on Thursday, July 23rd. Finally, Truist Financial upped their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.36.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank bought a new position in shares of Old National Bancorp during the 4th quarter worth approximately $72,661,000. Morgan Stanley boosted its stake in Old National Bancorp by 69.8% in the fourth quarter. Morgan Stanley now owns 6,776,716 shares of the bank’s stock valued at $151,189,000 after acquiring an additional 2,785,474 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Old National Bancorp by 65.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,956,160 shares of the bank’s stock worth $110,572,000 after purchasing an additional 1,966,958 shares during the last quarter. First Trust Advisors LP grew its holdings in Old National Bancorp by 37.5% in the fourth quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank’s stock worth $160,381,000 after purchasing an additional 1,961,525 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its position in shares of Old National Bancorp by 2,942.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,743,757 shares of the bank’s stock worth $38,903,000 after purchasing an additional 1,686,442 shares in 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 (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.