Chady Alahmar Sells 11,771 Shares of Old National Bancorp (NASDAQ:ONB) Stock

Key Points

• CEO Chady Alahmar sold 11,771 Old National Bancorp shares at an average price of $26.41, generating approximately $310,872; his remaining direct stake fell 15.63% to 63,531 shares.
• Old National Bancorp reported quarterly EPS of $0.65, beating estimates by $0.02, while revenue rose 13.2% year over year to $732.55 million. The bank also pays an annualized dividend of $0.58 per share, yielding about 2.2%.
• Analysts maintain a generally positive outlook, with nine Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $29.36; institutional investors own 83.66% of the stock.

Old National Bancorp (NASDAQ:ONB - Get Free Report) CEO Chady Alahmar sold 11,771 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the sale, the chief executive officer directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. This trade represents a 15.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Old National Bancorp Stock Performance

ONB traded up $0.23 during trading on Friday, reaching $26.64. 5,132,837 shares of the company were exchanged, compared to its average volume of 3,550,635. The stock has a market cap of $10.29 billion, a P/E ratio of 11.84 and a beta of 0.83. The firm has a 50 day moving average of $25.37 and a 200 day moving average of $24.14. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.89. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $27.32.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. Old National Bancorp had a return on equity of 16.16% and a net margin of 21.60%.The firm had revenue of $732.55 million for the quarter, compared to analyst estimates of $716.25 million. During the same period last year, the company earned $0.53 earnings per share. The firm's revenue for the quarter was up 13.2% on a year-over-year basis. On average, sell-side analysts forecast that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, June 5th. Old National Bancorp's dividend payout ratio (DPR) is 25.78%.

Analyst Ratings Changes

ONB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Stephens raised their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. Citigroup lifted their price target on Old National Bancorp from $29.00 to $31.00 and gave the company a "buy" rating in a report on Friday, July 24th. Jefferies Financial Group reiterated a "hold" rating and set a $27.00 price objective on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Finally, Raymond James Financial started coverage on Old National Bancorp in a report on Tuesday, July 7th. They issued a "market perform" rating for the company. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $29.36.

Institutional Trading of Old National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kemnay Advisory Services Inc. acquired a new stake in shares of Old National Bancorp in the 4th quarter worth approximately $27,000. Flagship Harbor Advisors LLC acquired a new position in shares of Old National Bancorp during the fourth quarter valued at approximately $28,000. Los Angeles Capital Management LLC bought a new stake in Old National Bancorp during the fourth quarter worth approximately $36,000. Peterson Wealth Services raised its holdings in Old National Bancorp by 9,711.8% during the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank's stock worth $37,000 after purchasing an additional 1,651 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in Old National Bancorp in the second quarter worth approximately $49,000. 83.66% of the stock is currently owned by institutional investors.

About Old National Bancorp

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

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