Nicholas Chulos Sells 20,000 Shares of Old National Bancorp (NASDAQ:ONB) Stock

Key Points

• Insider Nicholas Chulos sold 20,000 Old National Bancorp shares at an average price of $26.66, totaling $533,200 and reducing his ownership by 27.19% to 53,544 shares.
• Old National Bancorp’s shares slipped 0.3% to $26.82, while the bank reported quarterly EPS of $0.65 and revenue of $732.55 million, both exceeding analyst expectations. Revenue increased 13.2% year over year.
• The company maintains a quarterly dividend of $0.145 per share, equivalent to a 2.2% annual yield. Analysts hold a consensus “Moderate Buy” rating with an average price target of $29.36.

Old National Bancorp (NASDAQ:ONB - Get Free Report) insider Nicholas Chulos sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the transaction, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Old National Bancorp Stock Down 0.3%

Shares of ONB stock traded down $0.07 during mid-day trading on Wednesday, hitting $26.82. The company's stock had a trading volume of 3,095,805 shares, compared to its average volume of 3,517,575. The stock has a market cap of $10.36 billion, a price-to-earnings ratio of 11.95 and a beta of 0.83. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.90 and a current ratio of 0.90. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $27.32. The business has a 50-day moving average price of $25.26 and a 200 day moving average price of $24.09.

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

Old National Bancorp Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ONB shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Citigroup boosted their target price on shares of Old National Bancorp from $29.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, July 24th. UBS Group began coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a "buy" rating and a $32.00 price objective for the company. Royal Bank Of Canada upped their price target on Old National Bancorp from $28.00 to $29.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 23rd. Finally, Raymond James Financial initiated coverage on Old National Bancorp in a research note on Tuesday, July 7th. They issued a "market perform" rating on the stock. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Old National Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $29.36.

Hedge Funds Weigh In On Old National Bancorp

Hedge funds have recently made changes to their positions in the business. Comerica Bank lifted its holdings in shares of Old National Bancorp by 27.8% in the 4th quarter. Comerica Bank now owns 263,057 shares of the bank's stock valued at $5,869,000 after acquiring an additional 57,152 shares during the last quarter. Algebris UK Ltd. increased its position in shares of Old National Bancorp by 57.9% during the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank's stock valued at $41,160,000 after purchasing an additional 675,873 shares during the last quarter. Ruffer LLP bought a new position in shares of Old National Bancorp during the 4th quarter valued at approximately $2,871,000. Easterly Investment Partners LLC raised its holdings in Old National Bancorp by 27.4% during the 4th quarter. Easterly Investment Partners LLC now owns 282,948 shares of the bank's stock valued at $6,313,000 after buying an additional 60,829 shares during the period. Finally, Norges Bank purchased a new stake in Old National Bancorp during the 4th quarter valued at $72,661,000. Institutional investors own 83.66% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.