Old National Bancorp (NASDAQ:ONB) Short Interest Update

Old National Bancorp (NASDAQ:ONB) was the target of a large drop in short interest during 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 days-to-cover ratio is presently 4.3 days.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB traded down $0.09 on Friday, reaching $16.57. The company’s stock had a trading volume of 1,325,816 shares, compared to its average volume of 2,728,749. The company has a 50-day simple moving average of $16.47 and a 200 day simple moving average of $15.94. The company has a market cap of $4.86 billion, a P/E ratio of 8.96 and a beta of 0.83. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 52-week low of $11.66 and a 52-week high of $17.64.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) 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 analyst estimates of $440.00 million. Old National Bancorp had a net margin of 20.99% and a return on equity of 16.06%. The business’s revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the business earned $0.54 EPS. As a group, equities research analysts anticipate that Old National Bancorp will post 1.83 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were issued a dividend of $0.14 per share. The ex-dividend date was Monday, March 4th. This represents a $0.56 dividend on an annualized basis and a yield of 3.38%. Old National Bancorp’s payout ratio is 30.27%.

Analyst Ratings Changes

ONB has been the subject of a number of analyst reports. Barclays increased their price objective on shares of Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday. StockNews.com raised shares of 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 issued a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. UBS Group reduced their price objective on shares of Old National Bancorp from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, January 24th. Finally, Stephens cut their target price on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and an average target price of $18.86.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ONB. New York State Teachers Retirement System raised its holdings in shares of Old National Bancorp by 7.1% in the 1st quarter. New York State Teachers Retirement System now owns 501,639 shares of the bank’s stock valued at $8,734,000 after purchasing an additional 33,042 shares in the last quarter. Valeo Financial Advisors LLC raised its holdings in shares of Old National Bancorp by 9.9% in the 1st quarter. Valeo Financial Advisors LLC now owns 24,681 shares of the bank’s stock valued at $409,000 after purchasing an additional 2,217 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of Old National Bancorp by 2.4% in the 1st quarter. Louisiana State Employees Retirement System now owns 84,200 shares of the bank’s stock valued at $1,466,000 after purchasing an additional 2,000 shares in the last quarter. Legacy Trust bought a new stake in shares of Old National Bancorp in the 1st quarter valued at about $526,000. Finally, Wesbanco Bank Inc. bought a new stake in shares of Old National Bancorp in the 1st quarter valued at about $914,000. 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.