Key Points
- Insider Nicholas Chulos sold 20,000 Old National Bancorp shares at an average price of $26.66, generating $533,200. Following the transaction, he retained 53,544 shares.
- Old National Bancorp beat quarterly expectations, reporting $0.65 in earnings per share versus the $0.63 consensus and revenue of $732.55 million, up 13.2% year over year.
- The company pays a quarterly dividend of $0.145 per share, equivalent to an annualized $0.58 payout and a 2.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $29.36.
Old National Bancorp (NASDAQ:ONB - Get Free Report) insider Nicholas Chulos sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the sale, the insider owned 53,544 shares of the company's stock, valued at $1,427,483.04. The trade was a 27.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Old National Bancorp Trading Down 0.8%
Old National Bancorp stock opened at $26.68 on Thursday. The firm has a market cap of $10.31 billion, a price-to-earnings ratio of 11.86 and a beta of 0.83. Old National Bancorp has a 1 year low of $19.39 and a 1 year high of $27.32. The firm's 50 day moving average price is $25.32 and its two-hundred day moving average price is $24.11. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.90 and a current ratio of 0.90.
Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.02. The company had revenue of $732.55 million during the quarter, compared to the consensus estimate of $716.25 million. Old National Bancorp had a return on equity of 16.16% and a net margin of 21.60%.The company's quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.53 EPS. On average, research analysts predict that Old National Bancorp will post 2.6 EPS for the current fiscal year.
Old National Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were given a dividend of $0.145 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. Old National Bancorp's payout ratio is 25.78%.
Institutional Investors Weigh In On Old National Bancorp
Several hedge funds have recently bought and sold shares of ONB. Kemnay Advisory Services Inc. acquired a new stake in Old National Bancorp during the 4th quarter worth about $27,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Old National Bancorp in the fourth quarter worth approximately $28,000. Los Angeles Capital Management LLC purchased a new stake in shares of Old National Bancorp in the fourth quarter worth approximately $36,000. Peterson Wealth Services boosted its holdings in shares of Old National Bancorp by 9,711.8% during the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank's stock worth $37,000 after purchasing an additional 1,651 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Old National Bancorp during the second quarter worth approximately $49,000. 83.66% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities analysts recently weighed in on ONB shares. Citigroup increased their price target on Old National Bancorp from $29.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Royal Bank Of Canada raised their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a "sector perform" rating in a report on Thursday, July 23rd. Barclays lifted their target price on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. TD Cowen boosted their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Finally, Jefferies Financial Group reaffirmed a "hold" rating and issued a $27.00 price objective on shares of Old National Bancorp in a research note on Wednesday, July 22nd. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $29.36.
Get Our Latest Analysis on Old National Bancorp
About Old National Bancorp
(
Get Free Report)
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.
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