Chady Alahmar Sells 11,771 Shares of Old National Bancorp (NASDAQ:ONB) Stock

Old National Bancorp (NASDAQ:ONB) CEO Chady Alahmar sold 11,771 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total transaction of $310,872.11. Following the completion of the transaction, the chief executive officer directly owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Old National Bancorp Stock Up 0.9%

Old National Bancorp stock opened at $26.64 on Friday. The firm has a 50 day simple moving average of $25.43 and a 200 day simple moving average of $24.15. The company has a current ratio of 0.94, a quick ratio of 0.90 and a debt-to-equity ratio of 0.95. Old National Bancorp has a 1-year low of $19.39 and a 1-year high of $27.32. The firm has a market capitalization of $10.19 billion, a price-to-earnings ratio of 11.84 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The firm had revenue of $732.55 million for the quarter, compared to the consensus estimate of $716.25 million. During the same quarter in the prior year, the business posted $0.53 earnings per share. The business’s quarterly revenue was up 13.2% on a year-over-year basis. On average, analysts predict that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were paid a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp’s payout ratio is presently 25.78%.

Analysts Set New Price Targets

ONB has been the subject of several analyst reports. Keefe, Bruyette & Woods raised their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. TD Cowen upped their price target on Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. UBS Group began coverage on shares of Old National Bancorp in a report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price target on the stock. Citigroup raised their price objective on shares of Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Finally, Royal Bank Of Canada boosted their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “sector perform” rating in a research note on Thursday, July 23rd. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $29.36.

Institutional Investors Weigh In On Old National Bancorp

Large investors have recently added to or reduced their stakes in the business. Kemnay Advisory Services Inc. bought a new position in Old National Bancorp in the 4th quarter worth about $27,000. Flagship Harbor Advisors LLC bought a new stake in shares of Old National Bancorp during the 4th quarter valued at about $28,000. Los Angeles Capital Management LLC bought a new stake in shares of Old National Bancorp during the 4th quarter valued at about $36,000. Peterson Wealth Services grew its holdings in shares of Old National Bancorp by 9,711.8% during the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock worth $37,000 after purchasing an additional 1,651 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in shares of Old National Bancorp during the second quarter worth about $49,000. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.