Short Interest in Old National Bancorp (ONB) Drops By 43.6%
Old National Bancorp (NASDAQ:ONB) was the target of a significant decline in short interest in the month of February. As of February 15th, there was short interest totalling 3,147,525 shares, a decline of 43.6% from the January 31st total of 5,583,346 shares. Based on an average trading volume of 976,958 shares, the days-to-cover ratio is currently 3.2 days. Currently, 2.3% of the shares of the stock are sold short.
A number of analysts recently weighed in on the stock. BidaskClub raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, January 11th. ValuEngine upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Boenning Scattergood set a $21.00 price target on shares of Old National Bancorp and gave the company a “buy” rating in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $20.00 price target on shares of Old National Bancorp in a research report on Friday, December 22nd. Finally, Zacks Investment Research upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Wednesday, December 27th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $19.38.
Large investors have recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC acquired a new position in Old National Bancorp in the third quarter valued at about $129,000. Meeder Asset Management Inc. lifted its position in shares of Old National Bancorp by 5,903.3% during the fourth quarter. Meeder Asset Management Inc. now owns 7,324 shares of the bank’s stock worth $128,000 after purchasing an additional 7,202 shares in the last quarter. Advisor Group Inc. lifted its position in shares of Old National Bancorp by 219.1% during the third quarter. Advisor Group Inc. now owns 9,921 shares of the bank’s stock worth $181,000 after purchasing an additional 6,812 shares in the last quarter. Zeke Capital Advisors LLC acquired a new position in shares of Old National Bancorp during the fourth quarter worth approximately $177,000. Finally, Stifel Financial Corp acquired a new position in shares of Old National Bancorp during the third quarter worth approximately $196,000. Hedge funds and other institutional investors own 63.64% of the company’s stock.
Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.22 EPS for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.03). The firm had revenue of $163.40 million during the quarter, compared to analyst estimates of $170.13 million. Old National Bancorp had a net margin of 14.10% and a return on equity of 7.80%. Old National Bancorp’s quarterly revenue was down 5.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 earnings per share. equities research analysts predict that Old National Bancorp will post 1.29 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be given a $0.13 dividend. The ex-dividend date is Wednesday, February 28th. This represents a $0.52 dividend on an annualized basis and a yield of 3.01%. Old National Bancorp’s dividend payout ratio (DPR) is presently 72.22%.
About Old National Bancorp
Old National Bancorp is a financial holding company. The Company, through its banking subsidiary, provides a range of services, including commercial and consumer loan and depository services, private banking, brokerage, trust, investment advisory and other traditional banking services. The Company focuses on community banking.
Receive News & Ratings for Old National Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Old National Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.