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

Old National Bancorp (NASDAQ:ONB) CEO Chady Alahmar sold 11,771 shares of Old National Bancorp stock in a transaction dated Thursday, July 30th. The shares were 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 owned 63,531 shares of the company’s stock, valued at $1,677,853.71. The trade was a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Old National Bancorp Stock Up 0.9%

Shares of Old National Bancorp stock opened at $26.64 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.90. 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 is $25.43 and its two-hundred day moving average is $24.15. The stock has a market cap of $10.19 billion, a price-to-earnings ratio of 11.84 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The business had revenue of $732.55 million during the quarter, compared to analyst estimates of $716.25 million. During the same quarter in the previous year, the business posted $0.53 EPS. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. As a group, research 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. Investors of record on Friday, June 5th were issued a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 25.78%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Royal Bank Of Canada upped their target price on 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 boosted their price target on Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Stephens upped their price objective on Old National Bancorp from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Citigroup raised their price objective 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. Finally, Truist Financial lifted their target price on Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.36.

Institutional Trading of Old National Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in ONB. Kemnay Advisory Services Inc. purchased a new position in Old National Bancorp during the 4th quarter worth $27,000. Flagship Harbor Advisors LLC acquired a new position in Old National Bancorp during the 4th quarter valued at about $28,000. Los Angeles Capital Management LLC purchased a new stake in Old National Bancorp in the fourth quarter valued at about $36,000. Peterson Wealth Services raised its stake in Old National Bancorp by 9,711.8% in the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock valued at $37,000 after buying an additional 1,651 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in Old National Bancorp in the second quarter worth about $49,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.