Old National Bancorp (NASDAQ:ONB) Sees Large Drop in Short Interest

Old National Bancorp (NASDAQ:ONB) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 9,580,000 shares, a drop of 18.3% from the March 31st total of 11,730,000 shares. Based on an average trading volume of 2,250,000 shares, the days-to-cover ratio is presently 4.3 days.

Analyst Upgrades and Downgrades

ONB has been the subject of several research reports. UBS Group reduced their price target on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating for the company in a report on Wednesday, January 24th. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a report on Thursday. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. Stephens reduced their price target on Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, January 24th. Finally, Barclays raised their price objective on Old National Bancorp from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Old National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.86.

Hedge Funds Weigh In On Old National Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in ONB. Parkside Financial Bank & Trust lifted its holdings in Old National Bancorp by 24.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock valued at $55,000 after purchasing an additional 650 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Old National Bancorp by 5.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 15,633 shares of the bank’s stock valued at $227,000 after purchasing an additional 876 shares during the last quarter. Independence Bank of Kentucky lifted its holdings in Old National Bancorp by 9.2% during the 1st quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock valued at $208,000 after purchasing an additional 1,006 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in Old National Bancorp by 14.5% during the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock valued at $136,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in Old National Bancorp by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 83,312 shares of the bank’s stock valued at $1,211,000 after purchasing an additional 1,125 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Stock Performance

Old National Bancorp stock traded down $0.09 during mid-day trading on Friday, reaching $16.57. The company had a trading volume of 1,325,816 shares, compared to its average volume of 2,728,749. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95. Old National Bancorp has a 52 week low of $11.66 and a 52 week high of $17.64. The company has a 50 day moving average of $16.47 and a 200-day moving average of $15.94. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of 8.96 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 16.06%. The firm had revenue of $440.20 million during the quarter, compared to the consensus estimate of $440.00 million. During the same period in the prior year, the firm earned $0.54 EPS. The business’s revenue was down 3.8% on a year-over-year basis. On average, sell-side analysts expect that Old National Bancorp will post 1.83 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend was Monday, March 4th. Old National Bancorp’s payout ratio is 30.27%.

About Old National Bancorp

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.