Independence Bank of Kentucky Purchases 1,006 Shares of Old National Bancorp (NASDAQ:ONB)

Independence Bank of Kentucky raised its position in shares of Old National Bancorp (NASDAQ:ONB) by 9.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,962 shares of the bank’s stock after purchasing an additional 1,006 shares during the quarter. Independence Bank of Kentucky’s holdings in Old National Bancorp were worth $208,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Rise Advisors LLC purchased a new position in shares of Old National Bancorp during the 1st quarter valued at about $28,000. Parkside Financial Bank & Trust lifted its position in shares of Old National Bancorp by 24.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock valued at $55,000 after buying an additional 650 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in Old National Bancorp by 14.5% in the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after purchasing an additional 1,020 shares in the last quarter. Legacy Wealth Asset Management LLC purchased a new position in Old National Bancorp in the 4th quarter worth approximately $181,000. Finally, Trust Point Inc. purchased a new position in Old National Bancorp in the 4th quarter worth approximately $189,000. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ONB shares. Hovde Group started coverage on Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 target price for the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 9th. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday. Barclays increased their target price on Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, June 24th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $20.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Old National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.13.

Old National Bancorp Trading Up 2.7 %

NASDAQ:ONB traded up $0.46 during midday trading on Friday, hitting $17.19. 5,589,170 shares of the company traded hands, compared to its average volume of 1,606,766. The firm’s fifty day moving average is $16.75 and its 200-day moving average is $16.62. Old National Bancorp has a 12-month low of $12.36 and a 12-month high of $17.82. The firm has a market capitalization of $5.48 billion, a P/E ratio of 9.29 and a beta of 0.83. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. The company had revenue of $440.20 million for the quarter, compared to analyst estimates of $440.00 million. During the same quarter in the prior year, the firm posted $0.54 EPS. Old National Bancorp’s quarterly revenue was down 3.8% compared to the same quarter last year. On average, sell-side analysts predict that Old National Bancorp will post 1.82 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Wednesday, June 5th were paid a $0.14 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 dividend on an annualized basis and a yield of 3.26%. Old National Bancorp’s payout ratio is 30.27%.

Insiders Place Their Bets

In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total value of $272,923.50. Following the sale, the chief executive officer now owns 50,001 shares in the company, valued at $795,015.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following the transaction, the chief executive officer now owns 50,001 shares in the company, valued at $795,015.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now owns 88,712 shares in the company, valued at approximately $1,444,231.36. The disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.

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.