Nicholas Chulos Sells 30,000 Shares of Old National Bancorp (NASDAQ:ONB) Stock

Old National Bancorp (NASDAQ:ONB) insider Nicholas Chulos sold 30,000 shares of Old National Bancorp stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total value of $751,500.00. Following the completion of the sale, the insider directly owned 20,438 shares in the company, valued at $511,971.90. This represents a 59.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Old National Bancorp Stock Performance

NASDAQ ONB traded down $0.10 on Thursday, hitting $25.56. 3,537,667 shares of the stock were exchanged, compared to its average volume of 3,011,204. The company has a market capitalization of $9.99 billion, a PE ratio of 14.28 and a beta of 0.84. The business’s fifty day moving average is $23.12 and its 200 day moving average is $22.06. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $25.94. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.93 and a quick ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. The firm had revenue of $714.50 million for the quarter, compared to analyst estimates of $705.62 million. Old National Bancorp had a return on equity of 15.06% and a net margin of 17.91%.During the same period in the prior year, the firm posted $0.49 EPS. Research analysts anticipate that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, December 5th were given a $0.14 dividend. The ex-dividend date was Friday, December 5th. This represents a $0.56 annualized dividend and a yield of 2.2%. Old National Bancorp’s dividend payout ratio (DPR) is currently 31.28%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ONB shares. TD Cowen raised shares of Old National Bancorp from a “hold” rating to a “buy” rating and increased their price objective for the stock from $27.00 to $30.00 in a research report on Thursday, January 22nd. Piper Sandler reiterated an “overweight” rating and issued a $26.00 target price (down previously from $27.00) on shares of Old National Bancorp in a report on Thursday, October 23rd. Barclays set a $29.00 price target on Old National Bancorp and gave the company an “overweight” rating in a research report on Wednesday, October 8th. UBS Group reaffirmed a “neutral” rating and issued a $26.00 price objective on shares of Old National Bancorp in a research report on Wednesday. Finally, Royal Bank Of Canada boosted their target price on Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.36.

Institutional Trading of Old National Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. MAI Capital Management raised its holdings in Old National Bancorp by 156.8% in the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock worth $25,000 after acquiring an additional 704 shares during the last quarter. Covestor Ltd increased its position in Old National Bancorp by 157.0% in the third quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock worth $27,000 after buying an additional 755 shares in the last quarter. Rothschild Investment LLC lifted its holdings in Old National Bancorp by 72.3% during the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock valued at $28,000 after purchasing an additional 535 shares in the last quarter. Flagship Harbor Advisors LLC bought a new stake in Old National Bancorp during the fourth quarter valued at about $28,000. Finally, Hantz Financial Services Inc. raised its position in shares of Old National Bancorp by 310.7% during the second quarter. Hantz Financial Services Inc. now owns 1,532 shares of the bank’s stock valued at $33,000 after buying an additional 1,159 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

About Old National Bancorp

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.