Short Interest in Old National Bancorp (NASDAQ:ONB) Declines By 54.2%

Old National Bancorp (NASDAQ:ONB - Get Free Report) saw a significant drop in short interest in May. As of May 31st, there was short interest totalling 18,360,000 shares, a drop of 54.2% from the May 15th total of 40,120,000 shares. Approximately 5.8% of the company's stock are short sold. Based on an average daily volume of 3,350,000 shares, the days-to-cover ratio is currently 5.5 days.

Old National Bancorp Price Performance

NASDAQ:ONB traded down $0.54 during trading hours on Friday, hitting $20.42. 2,584,985 shares of the company's stock traded hands, compared to its average volume of 2,705,267. The firm has a market cap of $6.53 billion, a P/E ratio of 12.15 and a beta of 0.86. Old National Bancorp has a 52 week low of $15.60 and a 52 week high of $24.49. The business's fifty day simple moving average is $20.72 and its two-hundred day simple moving average is $21.73. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.03. The company had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. On average, research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Thursday, June 5th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.74%. Old National Bancorp's dividend payout ratio is presently 32.56%.

Hedge Funds Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Lee Danner & Bass Inc. purchased a new position in shares of Old National Bancorp during the 4th quarter worth approximately $25,000. Empowered Funds LLC purchased a new position in shares of Old National Bancorp during the 4th quarter worth approximately $28,000. Summit Securities Group LLC purchased a new stake in shares of Old National Bancorp in the 1st quarter worth approximately $32,000. USA Financial Formulas purchased a new stake in shares of Old National Bancorp in the 1st quarter worth approximately $50,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Old National Bancorp in the 1st quarter worth approximately $51,000. Institutional investors own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ONB shares. Stephens restated an "overweight" rating and issued a $27.00 target price on shares of Old National Bancorp in a report on Monday, April 14th. Barclays decreased their price target on Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Raymond James decreased their price target on Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research report on Wednesday, April 2nd. Jefferies Financial Group assumed coverage on Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price target for the company. Finally, Truist Financial assumed coverage on Old National Bancorp in a report on Tuesday, May 13th. They issued a "buy" rating and a $26.00 price target for the company. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.90.

About Old National Bancorp

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.