Short Interest in Old National Bancorp (NASDAQ:ONB) Declines By 18.3%

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 short-interest ratio is presently 4.3 days.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ONB shares. Stephens decreased 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 decreased their price objective on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Wednesday, January 24th. StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 9th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.86.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB traded up $0.13 during mid-day trading on Monday, reaching $16.70. The stock had a trading volume of 2,397,199 shares, compared to its average volume of 2,188,755. Old National Bancorp has a 1 year low of $11.66 and a 1 year high of $17.64. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.95. The business’s 50 day moving average price is $16.48 and its 200 day moving average price is $15.96. The company has a market cap of $4.90 billion, a P/E ratio of 9.03 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, topping the consensus estimate of $0.43 by $0.02. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The firm had revenue of $440.20 million for the quarter, compared to the consensus estimate of $440.00 million. During the same period in the prior year, the business posted $0.54 earnings per share. The company’s revenue for the quarter was down 3.8% on a year-over-year basis. Research analysts expect that Old National Bancorp will post 1.83 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were paid a $0.14 dividend. The ex-dividend date was Monday, March 4th. This represents a $0.56 annualized dividend and a yield of 3.35%. Old National Bancorp’s dividend payout ratio (DPR) is currently 30.27%.

Insiders Place Their Bets

In related news, CFO Brendon B. Falconer sold 49,375 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the transaction, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at approximately $1,444,231.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.07% of the company’s stock.

Institutional Trading of Old National Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of ONB. Norges Bank purchased a new position in shares of Old National Bancorp during the 4th quarter valued at about $55,808,000. Channing Capital Management LLC raised its position in shares of Old National Bancorp by 550.2% during the 3rd quarter. Channing Capital Management LLC now owns 3,722,335 shares of the bank’s stock valued at $54,123,000 after buying an additional 3,149,806 shares during the period. Verition Fund Management LLC raised its position in shares of Old National Bancorp by 48.9% during the 4th 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 period. Vaughan Nelson Investment Management L.P. raised its position in Old National Bancorp by 293.4% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,349,974 shares of the bank’s stock valued at $19,628,000 after purchasing an additional 1,006,825 shares during the period. Finally, Dimensional Fund Advisors LP raised its position 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 purchasing an additional 841,195 shares during the period. 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.