Old National Bancorp (NASDAQ:ONB) Shares Sold by Independence Bank of Kentucky

Independence Bank of Kentucky trimmed its holdings in Old National Bancorp (NASDAQ:ONB) by 72.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,323 shares of the bank’s stock after selling 32,525 shares during the period. Independence Bank of Kentucky’s holdings in Old National Bancorp were worth $172,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Macquarie Group Ltd. grew its position in shares of Old National Bancorp by 2.5% in the 1st quarter. Macquarie Group Ltd. now owns 5,126,362 shares of the bank’s stock worth $73,922,000 after acquiring an additional 123,377 shares in the last quarter. Toroso Investments LLC bought a new position in shares of Old National Bancorp in the 1st quarter worth about $173,000. JPMorgan Chase & Co. raised its position in shares of Old National Bancorp by 8.3% during the 1st quarter. JPMorgan Chase & Co. now owns 3,861,349 shares of the bank’s stock worth $55,681,000 after purchasing an additional 295,388 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Old National Bancorp by 18.6% during the 1st quarter. Thrivent Financial for Lutherans now owns 988,747 shares of the bank’s stock worth $14,258,000 after purchasing an additional 154,753 shares during the period. Finally, Chilton Capital Management LLC bought a new position in shares of Old National Bancorp during the first quarter worth about $82,000. Institutional investors own 81.53% of the company’s stock.

Insider Buying and Selling

In related news, Chairman Michael L. Scudder sold 50,000 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $16.81, for a total value of $840,500.00. Following the completion of the sale, the chairman now directly owns 215,796 shares in the company, valued at $3,627,530.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.89% of the stock is owned by corporate insiders.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $15.12 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $4.42 billion, a price-to-earnings ratio of 7.03 and a beta of 0.87. The stock’s fifty day simple moving average is $15.78 and its 200-day simple moving average is $14.55. Old National Bancorp has a 1-year low of $11.66 and a 1-year high of $20.19.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.54 EPS for the quarter, topping the consensus estimate of $0.50 by $0.04. The business had revenue of $626.53 million during the quarter, compared to analysts’ expectations of $447.53 million. Old National Bancorp had a net margin of 27.90% and a return on equity of 13.04%. During the same period last year, the company posted $0.46 earnings per share. On average, sell-side analysts predict that Old National Bancorp will post 2.05 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $0.56 annualized dividend and a dividend yield of 3.70%. Old National Bancorp’s dividend payout ratio is 26.05%.

Wall Street Analyst Weigh In

ONB has been the topic of a number of research analyst reports. UBS Group upgraded shares of Old National Bancorp from a “neutral” rating to a “buy” rating and raised their price objective for the company from $14.50 to $15.50 in a research note on Monday, July 10th. StockNews.com began coverage on Old National Bancorp in a research note on Saturday, August 19th. They set a “sell” rating for the company. Stephens lifted their target price on shares of Old National Bancorp from $17.00 to $18.00 in a research report on Wednesday, July 26th. Finally, TheStreet upgraded shares of Old National Bancorp from a “c+” rating to a “b” rating in a report on Friday, August 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $18.38.

Old National Bancorp Company Profile

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.