Short Interest in Old National Bancorp (NASDAQ:ONB) Decreases By 13.8%

Old National Bancorp (NASDAQ:ONB) saw a significant drop in short interest in January. As of January 30th, there was short interest totaling 17,433,745 shares, a drop of 13.8% from the January 15th total of 20,219,954 shares. Currently, 4.5% of the company’s stock are short sold. Based on an average trading volume of 3,412,630 shares, the short-interest ratio is presently 5.1 days. Based on an average trading volume of 3,412,630 shares, the short-interest ratio is presently 5.1 days. Currently, 4.5% of the company’s stock are short sold.

Insider Transactions at Old National Bancorp

In other Old National Bancorp news, insider Nicholas J. Chulos sold 30,000 shares of Old National Bancorp stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total value of $751,500.00. Following the transaction, the insider directly owned 20,438 shares of the company’s stock, valued at approximately $511,971.90. The trade was a 59.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On Old National Bancorp

Institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in Old National Bancorp by 5.3% during the third quarter. Principal Financial Group Inc. now owns 786,469 shares of the bank’s stock worth $17,263,000 after buying an additional 39,892 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Old National Bancorp by 7.9% during the third quarter. Thrivent Financial for Lutherans now owns 2,799,932 shares of the bank’s stock worth $61,459,000 after purchasing an additional 204,788 shares during the period. Boston Partners grew its stake in shares of Old National Bancorp by 0.9% in the 2nd quarter. Boston Partners now owns 1,895,273 shares of the bank’s stock valued at $40,307,000 after buying an additional 17,033 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Old National Bancorp by 481.5% during the 3rd quarter. Pacer Advisors Inc. now owns 60,480 shares of the bank’s stock worth $1,328,000 after buying an additional 50,080 shares during the last quarter. Finally, Accredited Investors Inc. lifted its holdings in Old National Bancorp by 20.7% in the third quarter. Accredited Investors Inc. now owns 450,040 shares of the bank’s stock valued at $9,878,000 after acquiring an additional 77,145 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on ONB. Truist Financial upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Royal Bank Of Canada upped their price objective on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a report on Thursday, January 22nd. TD Cowen upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating and lifted their target price for the stock from $27.00 to $30.00 in a research note on Thursday, January 22nd. National Bank Financial set a $30.00 target price on shares of Old National Bancorp in a research report on Thursday, January 22nd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.36.

Old National Bancorp Price Performance

Shares of ONB stock traded up $0.02 during mid-day trading on Tuesday, hitting $24.79. 1,094,274 shares of the stock were exchanged, compared to its average volume of 2,959,971. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $26.17. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.80. The company has a market cap of $9.69 billion, a PE ratio of 13.84 and a beta of 0.84. The firm has a fifty day moving average of $23.62 and a 200 day moving average of $22.26.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. Old National Bancorp had a return on equity of 15.06% and a net margin of 17.91%.The company had revenue of $714.50 million during the quarter, compared to analysts’ expectations of $705.62 million. During the same quarter in the prior year, the firm posted $0.49 EPS. Research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

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.