Old National Bancorp (NASDAQ:ONB) Stock: Insider John Moran Sells 19,261 Shares

Key Points

• CFO John Moran sold 19,261 Old National Bancorp shares at an average price of $25.57, totaling about $492,504. He retained 101,467 shares after the sale, a 15.95% reduction in his position.
• Old National reported quarterly EPS of $0.66, matching analyst expectations, while revenue of $719 million fell short of the $732 million consensus estimate. Shares rose 1.8% to $25.89 in Wednesday midday trading.
• Analysts maintain a “Moderate Buy” consensus, with a $29.64 average price target; 12 analysts rate the stock Buy and two rate it Hold.

Old National Bancorp (NASDAQ:ONB - Get Free Report) CFO John Moran sold 19,261 shares of the company's stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $25.57, for a total value of $492,503.77. Following the completion of the sale, the chief financial officer owned 101,467 shares of the company's stock, valued at $2,594,511.19. This represents a 15.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Old National Bancorp Trading Up 1.8%

ONB traded up $0.47 during midday trading on Wednesday, reaching $25.89. 4,679,493 shares of the company were exchanged, compared to its average volume of 5,085,206. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.93 and a current ratio of 0.93. Old National Bancorp has a one year low of $19.60 and a one year high of $27.36. The stock has a market capitalization of $9.79 billion, a P/E ratio of 10.57 and a beta of 0.88. The stock's 50-day simple moving average is $25.21 and its 200 day simple moving average is $24.65.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Wednesday, October 21st. The bank reported $0.66 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.66. The company had revenue of $719.00 million during the quarter, compared to analyst estimates of $732.04 million. Old National Bancorp had a return on equity of 12.02% and a net margin of 23.36%. During the same period in the previous year, the company earned $0.59 EPS. As a group, analysts forecast that Old National Bancorp will post 2.57 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Saturday, September 5th were issued a dividend of $0.1450 per share. The ex-dividend date was Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. Old National Bancorp's payout ratio is currently 23.67%.

Institutional Trading of Old National Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Ethic Inc. boosted its position in shares of Old National Bancorp by 95.0% during the third quarter. Ethic Inc. now owns 18,150 shares of the bank's stock worth $447,000 after buying an additional 8,840 shares during the period. Parallel Advisors LLC grew its holdings in shares of Old National Bancorp by 16.0% during the third quarter. Parallel Advisors LLC now owns 4,841 shares of the bank's stock worth $119,000 after buying an additional 669 shares in the last quarter. Heritage Family Offices LLP bought a new position in shares of Old National Bancorp during the third quarter worth about $118,000. Kestra Advisory Services LLC grew its holdings in shares of Old National Bancorp by 56.7% during the third quarter. Kestra Advisory Services LLC now owns 31,544 shares of the bank's stock worth $777,000 after buying an additional 11,418 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new stake in Old National Bancorp in the 3rd quarter valued at approximately $248,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Analysts Set New Price Targets

ONB has been the topic of several analyst reports. TD Cowen cut their target price on shares of Old National Bancorp from $30.00 to $29.00 and set a "buy" rating on the stock in a report on Thursday, October 22nd. Royal Bank Of Canada decreased their price target on shares of Old National Bancorp from $29.00 to $28.00 and set a "sector perform" rating for the company in a report on Friday, October 9th. JPMorgan Chase & Co. lowered their price objective on shares of Old National Bancorp from $30.00 to $29.00 and set an "overweight" rating for the company in a research report on Thursday, October 22nd. Truist Financial raised their price objective on Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Finally, Citigroup reduced their target price on Old National Bancorp from $31.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, September 22nd. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $29.64.

About Old National Bancorp

Old National Bancorp NASDAQ: ONB is a regional financial services company headquartered in Evansville, Indiana. Through its principal subsidiary, Old National Bank, the company provides banking and financial solutions to individuals, families, businesses and institutions.

Its products and services include checking and savings accounts, commercial and consumer lending, residential mortgages, treasury and cash-management services, trust and investment management, wealth management, and other financial advisory services.

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