Insider Selling: Old National Bancorp (NASDAQ:ONB) CFO Sells $803,825.00 in Stock

Old National Bancorp (NASDAQ:ONB) CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the transaction, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Old National Bancorp Price Performance

ONB stock opened at $16.77 on Thursday. The business has a 50 day moving average price of $16.48 and a 200 day moving average price of $15.98. The stock has a market cap of $4.92 billion, a price-to-earnings ratio of 9.06 and a beta of 0.83. Old National Bancorp has a fifty-two week low of $11.66 and a fifty-two week high of $17.64. 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 (NASDAQ:ONB) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.02. The firm had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The firm’s revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 earnings per share. Equities research analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.34%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s payout ratio is 30.27%.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in Old National Bancorp by 6.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 14,279,004 shares of the bank’s stock valued at $241,176,000 after buying an additional 841,195 shares during the last quarter. American Century Companies Inc. lifted its stake in Old National Bancorp by 2.9% in the third quarter. American Century Companies Inc. now owns 11,063,412 shares of the bank’s stock valued at $160,862,000 after buying an additional 308,892 shares during the last quarter. Channing Capital Management LLC lifted its stake in Old National Bancorp by 33.9% in the fourth quarter. Channing Capital Management LLC now owns 4,985,395 shares of the bank’s stock valued at $84,203,000 after buying an additional 1,263,060 shares during the last quarter. Verition Fund Management LLC lifted its stake in Old National Bancorp by 48.9% in the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock valued at $63,787,000 after buying an additional 1,240,952 shares during the last quarter. Finally, Norges Bank purchased a new stake in Old National Bancorp in the fourth quarter valued at approximately $55,808,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Stephens dropped their target price on Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. UBS Group dropped their target price on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Wednesday, January 24th. Barclays lifted 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, April 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $20.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $18.86.

Old National Bancorp Company Profile

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.