Wesbanco Bank Inc. Invests $914,000 in Old National Bancorp (NASDAQ:ONB)

Wesbanco Bank Inc. acquired a new position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 52,504 shares of the bank's stock, valued at approximately $914,000.

Several other institutional investors and hedge funds have also made changes to their positions in ONB. Rise Advisors LLC acquired a new position in Old National Bancorp during the first quarter valued at $28,000. Parkside Financial Bank & Trust lifted its position in Old National Bancorp by 57.2% during the third quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank's stock valued at $38,000 after purchasing an additional 949 shares during the period. Quadrant Capital Group LLC lifted 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 purchasing an additional 1,020 shares during the period. Legacy Wealth Asset Management LLC acquired a new position in Old National Bancorp during the fourth quarter valued at $181,000. Finally, Trust Point Inc. acquired a new position in Old National Bancorp during the fourth quarter valued at $189,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ONB has been the subject of a number of analyst reports. Stephens decreased their price objective on shares of Old National Bancorp from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $20.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Barclays upped their price objective on shares of Old National Bancorp from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 24th. UBS Group decreased their price objective on shares of Old National Bancorp from $20.00 to $19.00 and set a "buy" rating for the company in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $18.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $18.86.

Insider Transactions at Old National Bancorp

In other Old National Bancorp 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 completion of the transaction, the chief financial officer now owns 88,712 shares of the company's stock, valued at approximately $1,444,231.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.07% of the company's stock.

Old National Bancorp Trading Up 0.9 %

Shares of Old National Bancorp stock traded up $0.16 during mid-day trading on Friday, hitting $17.19. The stock had a trading volume of 1,665,333 shares, compared to its average volume of 2,009,929. The firm has a 50-day moving average of $16.52 and a two-hundred day moving average of $16.02. Old National Bancorp has a 12-month low of $11.66 and a 12-month high of $17.64. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.93. The firm has a market cap of $5.48 billion, a P/E ratio of 9.29 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $440.00 million. During the same period in the prior year, the business posted $0.54 EPS. The business's revenue for the quarter was down 3.8% compared to the same quarter last year. Sell-side analysts forecast that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were issued a $0.14 dividend. The ex-dividend date was Monday, March 4th. This represents a $0.56 annualized dividend and a dividend yield of 3.26%. Old National Bancorp's dividend payout ratio is currently 30.27%.

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.

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