Key Points
- CFO John Moran sold 19,261 Old National Bancorp shares at an average price of $25.57, for approximately $492,504. The sale reduced his holdings by 15.95% to 101,467 shares.
- The bank reported quarterly EPS of $0.66, matching analysts’ consensus, while revenue of $719 million came in below expectations of $732 million.
- Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $29.64; 12 analysts rate the stock Buy and two rate it Hold.
Old National Bancorp (NASDAQ:ONB - Get Free Report) CFO John Moran sold 19,261 shares of the firm's stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $25.57, for a total transaction of $492,503.77. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Old National Bancorp Price Performance
Shares of NASDAQ:ONB opened at $25.89 on Thursday. The company has a 50 day moving average of $25.21 and a 200 day moving average of $24.65. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.85. The stock has a market cap of $9.79 billion, a P/E ratio of 10.57 and a beta of 0.88. Old National Bancorp has a 12 month low of $19.60 and a 12 month high of $27.36.
Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its 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. Old National Bancorp had a net margin of 23.36% and a return on equity of 12.02%. The business had revenue of $719.00 million for the quarter, compared to analysts' expectations of $732.04 million. During the same period in the prior year, the company posted $0.59 EPS. As a group, sell-side analysts forecast that Old National Bancorp will post 2.57 EPS for the current fiscal year.
Old National Bancorp Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th were issued a $0.1450 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. Old National Bancorp's dividend payout ratio is presently 23.67%.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the company. Wells Fargo & Company assumed coverage on Old National Bancorp in a research report on Thursday, September 24th. They issued an "overweight" rating and a $30.00 price objective on the stock. National Bank Financial set a $32.00 target price on Old National Bancorp in a research report on Friday, September 11th. Citigroup decreased their target price on Old National Bancorp from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, September 22nd. JPMorgan Chase & Co. lowered their price target on Old National Bancorp from $30.00 to $29.00 and set an "overweight" rating on the stock in a report on Thursday, October 22nd. Finally, Raymond James Financial upgraded Old National Bancorp from a "market perform" rating to an "outperform" rating and set a $29.00 price target for the company in a research report on Tuesday, October 6th. Twelve research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.64.
Check Out Our Latest Research Report on Old National Bancorp
Hedge Funds Weigh In On Old National Bancorp
Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Old National Bancorp during the 2nd quarter valued at $1,215,819,000. The Manufacturers Life Insurance Company bought a new stake in shares of Old National Bancorp during the 2nd quarter worth $134,610,000. Bank of America Corp DE purchased a new position in Old National Bancorp in the second quarter worth $100,301,000. William Blair Investment Management LLC purchased a new position in Old National Bancorp in the second quarter worth $99,283,000. Finally, Bank of New York Mellon Corp bought a new position in Old National Bancorp in the second quarter valued at $90,226,000. Hedge funds and other institutional investors own 83.66% of the company's stock.
Old National Bancorp Company Profile
(
Get Free Report)
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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