Verum Partners LLC Takes Position in Old National Bancorp (NASDAQ:ONB)

Verum Partners LLC bought a new stake in Old National Bancorp (NASDAQ:ONB) in the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 16,684 shares of the bank’s stock, valued at approximately $290,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Rise Advisors LLC bought a new position in Old National Bancorp during the first quarter valued at about $28,000. Parkside Financial Bank & Trust grew its position in Old National Bancorp by 24.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock valued at $55,000 after buying an additional 650 shares during the period. Quadrant Capital Group LLC grew its position in Old National Bancorp by 14.5% during the fourth quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock valued at $136,000 after buying an additional 1,020 shares during the period. Legacy Wealth Asset Management LLC bought a new position in Old National Bancorp during the fourth quarter valued at about $181,000. Finally, Trust Point Inc. bought a new position in Old National Bancorp during the fourth quarter valued at about $189,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

ONB has been the subject of a number of research reports. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $20.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 9th. Barclays increased their target price on shares of Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Finally, Hovde Group initiated coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 target price for the company. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.13.

Insider Activity at Old National Bancorp

In related news, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the sale, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total transaction of $272,923.50. Following the transaction, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at $795,015.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the transaction, the chief financial officer now directly owns 88,712 shares in the company, valued at $1,444,231.36. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by insiders.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock traded up $0.17 on Tuesday, reaching $17.27. The stock had a trading volume of 1,111,336 shares, compared to its average volume of 2,018,845. Old National Bancorp has a 1 year low of $12.36 and a 1 year high of $17.82. The company has a market cap of $5.51 billion, a P/E ratio of 9.34 and a beta of 0.84. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. The business’s 50 day moving average is $16.78 and its two-hundred day moving average is $16.62.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The firm had revenue of $440.20 million for the quarter, compared to the consensus estimate of $440.00 million. During the same period in the prior year, the firm posted $0.54 earnings per share. The company’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, research analysts anticipate that Old National Bancorp will post 1.82 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date of this dividend was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio is currently 30.27%.

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.