Old National Bancorp (NASDAQ:ONB) Sees Significant Increase in Short Interest

Old National Bancorp (NASDAQ:ONB) was the target of a large growth in short interest in November. As of November 30th, there was short interest totalling 34,480,000 shares, a growth of 209.5% from the November 15th total of 11,140,000 shares. Based on an average trading volume of 2,390,000 shares, the days-to-cover ratio is presently 14.4 days.

Hedge Funds Weigh In On Old National Bancorp

Institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC raised its stake in shares of Old National Bancorp by 31.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 31,597 shares of the bank’s stock worth $590,000 after purchasing an additional 7,489 shares during the period. Neo Ivy Capital Management purchased a new position in Old National Bancorp during the third quarter worth about $124,000. Geode Capital Management LLC grew its holdings in shares of Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after purchasing an additional 514,315 shares in the last quarter. Barclays PLC raised its position in shares of Old National Bancorp by 93.6% during the 3rd quarter. Barclays PLC now owns 839,504 shares of the bank’s stock valued at $15,665,000 after buying an additional 405,956 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in Old National Bancorp by 175.1% during the third quarter. Public Employees Retirement System of Ohio now owns 8,848 shares of the bank’s stock valued at $165,000 after purchasing an additional 5,632 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on ONB. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Raymond James upgraded Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research report on Tuesday, November 26th. Royal Bank of Canada upped their price target on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 26th. Barclays lifted their price objective on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Old National Bancorp Stock Performance

Shares of ONB traded up $0.24 during mid-day trading on Wednesday, reaching $23.09. The company’s stock had a trading volume of 2,903,244 shares, compared to its average volume of 2,149,316. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. Old National Bancorp has a 1-year low of $15.36 and a 1-year high of $23.76. The business has a 50-day simple moving average of $20.58 and a two-hundred day simple moving average of $18.97. The stock has a market cap of $7.37 billion, a P/E ratio of 13.85 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The firm had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 EPS. As a group, equities research analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

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.