Chady Alahmar Sells 11,771 Shares of Old National Bancorp (NASDAQ:ONB) Stock

Old National Bancorp (NASDAQ:ONB) CEO Chady Alahmar sold 11,771 shares of the business’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the sale, the chief executive officer directly owned 63,531 shares in the company, valued at $1,677,853.71. This represents a 15.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock traded up $0.23 during trading on Friday, hitting $26.64. The stock had a trading volume of 5,132,837 shares, compared to its average volume of 3,550,635. The business has a fifty day moving average of $25.37 and a two-hundred day moving average of $24.14. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.32. The firm has a market cap of $10.29 billion, a P/E ratio of 11.84 and a beta of 0.83. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.90.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. Old National Bancorp had a return on equity of 16.16% and a net margin of 21.60%.The firm had revenue of $732.55 million for the quarter, compared to analyst estimates of $716.25 million. During the same period in the previous year, the company earned $0.53 earnings per share. Old National Bancorp’s revenue was up 13.2% compared to the same quarter last year. On average, sell-side analysts expect that Old National Bancorp will post 2.6 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

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

Hedge Funds Weigh In On Old National Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in ONB. Comerica Bank grew its holdings in shares of Old National Bancorp by 27.8% during the fourth quarter. Comerica Bank now owns 263,057 shares of the bank’s stock valued at $5,869,000 after buying an additional 57,152 shares in the last quarter. Algebris UK Ltd. lifted its stake in Old National Bancorp by 57.9% in the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank’s stock worth $41,160,000 after acquiring an additional 675,873 shares in the last quarter. Ruffer LLP purchased a new stake in Old National Bancorp in the 4th quarter worth about $2,871,000. Easterly Investment Partners LLC boosted its position in Old National Bancorp by 27.4% during the 4th quarter. Easterly Investment Partners LLC now owns 282,948 shares of the bank’s stock worth $6,313,000 after acquiring an additional 60,829 shares during the period. Finally, Norges Bank acquired a new stake in Old National Bancorp during the 4th quarter worth about $72,661,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ONB has been the subject of several recent research reports. Royal Bank Of Canada increased their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “sector perform” rating in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods lifted their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. TD Cowen upped their price target on Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Barclays increased their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $29.36.

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.