Old National Bancorp (NASDAQ:ONB) Short Interest Update

Old National Bancorp (NASDAQ:ONB) was the recipient of a large decrease in short interest in the month of May. As of May 31st, there was short interest totalling 18,360,000 shares, a decrease of 54.2% from the May 15th total of 40,120,000 shares. Currently, 5.8% of the company’s stock are sold short. Based on an average daily volume of 3,350,000 shares, the short-interest ratio is presently 5.5 days.

Hedge Funds Weigh In On Old National Bancorp

Several hedge funds have recently made changes to their positions in the company. Lee Danner & Bass Inc. purchased a new stake in Old National Bancorp during the 4th quarter valued at about $25,000. Empowered Funds LLC acquired a new stake in shares of Old National Bancorp during the fourth quarter worth about $28,000. Summit Securities Group LLC purchased a new stake in Old National Bancorp in the first quarter valued at approximately $32,000. USA Financial Formulas purchased a new position in Old National Bancorp during the 1st quarter worth approximately $50,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Old National Bancorp during the 1st quarter valued at approximately $51,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Stock Up 1.1%

Old National Bancorp stock traded up $0.22 during midday trading on Monday, reaching $20.64. The company’s stock had a trading volume of 2,606,545 shares, compared to its average volume of 3,208,979. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a market capitalization of $6.60 billion, a P/E ratio of 12.29 and a beta of 0.86. The stock’s 50-day simple moving average is $20.72 and its 200-day simple moving average is $21.72. Old National Bancorp has a 52-week low of $15.60 and a 52-week high of $24.49.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The company had revenue of $486.87 million during the quarter, compared to analysts’ expectations of $478.37 million. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. On average, sell-side analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Thursday, June 5th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.71%. Old National Bancorp’s payout ratio is currently 32.56%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ONB. Raymond James cut their price objective on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating on the stock in a report on Wednesday, April 2nd. Stephens reiterated an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Monday, April 14th. Royal Bank of Canada decreased their price objective on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Wall Street Zen raised Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, April 23rd. Finally, National Bankshares set a $24.00 target price on shares of Old National Bancorp in a report on Tuesday, May 20th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.90.

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.