Verum Partners LLC Acquires Shares of 16,684 Old National Bancorp (NASDAQ:ONB)

Verum Partners LLC acquired a new stake in shares of Old National Bancorp (NASDAQ:ONB) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 16,684 shares of the bank’s stock, valued at approximately $290,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust boosted its holdings in shares of Old National Bancorp by 24.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after acquiring an additional 650 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Old National Bancorp by 5.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 15,633 shares of the bank’s stock worth $227,000 after acquiring an additional 876 shares in the last quarter. Independence Bank of Kentucky boosted its holdings in shares of Old National Bancorp by 9.2% in the 1st quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock worth $208,000 after acquiring an additional 1,006 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of 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 acquiring an additional 1,020 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in shares of Old National Bancorp by 0.3% in the 4th quarter. Retirement Systems of Alabama now owns 366,492 shares of the bank’s stock worth $6,190,000 after acquiring an additional 1,163 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on ONB. Hovde Group began coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They issued an “outperform” rating and a $20.00 price objective for the company. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday. 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. Barclays upped their target price on shares of 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, 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. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

Old National Bancorp Stock Performance

NASDAQ:ONB traded up $0.17 during mid-day trading on Tuesday, hitting $17.27. The stock had a trading volume of 1,111,336 shares, compared to its average volume of 2,018,845. The company’s 50 day simple moving average is $16.78 and its 200 day simple moving average is $16.62. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of 9.34 and a beta of 0.84. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $17.82.

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

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend was Wednesday, June 5th. Old National Bancorp’s payout ratio is 30.27%.

Insider Buying and Selling

In other Old National Bancorp news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the sale, the chief financial officer now owns 88,712 shares in the company, valued at approximately $1,444,231.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Old National Bancorp news, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the sale, the chief executive officer now owns 50,001 shares in the company, valued at approximately $795,015.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the completion of the sale, the chief financial officer now owns 88,712 shares of the company’s stock, valued at approximately $1,444,231.36. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by insiders.

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.