Insider Selling: Old National Bancorp (NASDAQ:ONB) Insider Sells 20,000 Shares of Stock

Old National Bancorp (NASDAQ:ONB) insider Kendra L. Vanzo sold 20,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total value of $397,000.00. Following the completion of the transaction, the insider now owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock traded down $0.26 on Monday, hitting $19.96. 2,325,662 shares of the company were exchanged, compared to its average volume of 2,110,699. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of 10.79 and a beta of 0.84. The company has a 50-day moving average price of $17.32 and a 200 day moving average price of $16.84. Old National Bancorp has a 1-year low of $12.36 and a 1-year high of $20.38. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.02. The business had revenue of $750.93 million for the quarter, compared to analysts’ expectations of $474.10 million. Old National Bancorp had a return on equity of 15.42% and a net margin of 18.83%. During the same period in the previous year, the firm posted $0.54 EPS. As a group, sell-side analysts predict that Old National Bancorp will post 1.85 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Wednesday, June 5th. Old National Bancorp’s payout ratio is presently 30.27%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $20.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Royal Bank of Canada raised their target price on Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 24th. Barclays raised their target price on Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, June 24th. Finally, Hovde Group started coverage on Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.63.

Institutional Trading of Old National Bancorp

Several institutional investors have recently made changes to their positions in the company. Innealta Capital LLC purchased a new stake in shares of Old National Bancorp during the 2nd quarter valued at approximately $146,000. AM Investment Strategies LLC raised its position in shares of Old National Bancorp by 220.6% during the 2nd quarter. AM Investment Strategies LLC now owns 140,344 shares of the bank’s stock valued at $2,413,000 after buying an additional 96,573 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Old National Bancorp by 8.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,788 shares of the bank’s stock valued at $1,131,000 after buying an additional 5,042 shares during the period. State of Michigan Retirement System raised its position in shares of Old National Bancorp by 5.8% during the 2nd quarter. State of Michigan Retirement System now owns 76,042 shares of the bank’s stock valued at $1,307,000 after buying an additional 4,200 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Old National Bancorp by 6.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,544,124 shares of the bank’s stock valued at $60,923,000 after buying an additional 203,088 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.