Old National Bancorp (NASDAQ:ONB) Short Interest Down 54.2% in May

Old National Bancorp (NASDAQ:ONB - Get Free Report) was the target of a large drop in short interest in the month of 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. Based on an average trading volume of 3,350,000 shares, the short-interest ratio is presently 5.5 days. Approximately 5.8% of the company's shares are short sold.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Truist Financial started coverage on shares of Old National Bancorp in a research report on Tuesday, May 13th. They set a "buy" rating and a $26.00 price target for the company. Wall Street Zen raised Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Citigroup lowered their target price on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Royal Bank Of Canada reduced their price target on Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Finally, Jefferies Financial Group assumed coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price objective for the company. Three analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Old National Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $25.90.

Old National Bancorp Stock Down 1.6%

NASDAQ ONB traded down $0.32 during mid-day trading on Tuesday, reaching $20.32. 2,107,153 shares of the company's stock traded hands, compared to its average volume of 2,707,843. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.82. Old National Bancorp has a 1-year low of $15.90 and a 1-year high of $24.49. The company has a fifty day simple moving average of $20.78 and a 200-day simple moving average of $21.69. The company has a market cap of $6.50 billion, a price-to-earnings ratio of 11.81 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.03. The business had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a net margin of 18.74% and a return on equity of 9.98%. As a group, equities research analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Thursday, June 5th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend was Thursday, June 5th. Old National Bancorp's payout ratio is currently 32.56%.

Institutional Investors Weigh In On Old National Bancorp

A number of institutional investors have recently modified their holdings of the stock. Strs Ohio acquired a new stake in shares of Old National Bancorp during the 1st quarter valued at approximately $769,000. Mendon Capital Advisors Corp acquired a new stake in shares of Old National Bancorp during the first quarter worth $1,589,000. Intech Investment Management LLC raised its holdings in shares of Old National Bancorp by 31.2% during the first quarter. Intech Investment Management LLC now owns 206,655 shares of the bank's stock worth $4,379,000 after purchasing an additional 49,110 shares during the period. Bayforest Capital Ltd lifted its position in shares of Old National Bancorp by 1,524.7% in the 1st quarter. Bayforest Capital Ltd now owns 36,426 shares of the bank's stock worth $772,000 after buying an additional 34,184 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Old National Bancorp by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank's stock valued at $19,349,000 after buying an additional 64,110 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

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.