Carret Asset Management LLC Purchases Shares of 35,000 Old National Bancorp (NASDAQ:ONB)

Carret Asset Management LLC purchased a new stake in Old National Bancorp (NASDAQ:ONB) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 35,000 shares of the bank’s stock, valued at approximately $609,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Rise Advisors LLC bought a new stake in shares of Old National Bancorp during the first quarter valued at approximately $28,000. Parkside Financial Bank & Trust grew its holdings in shares of Old National Bancorp by 24.9% during the fourth 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 during the last quarter. Quadrant Capital Group LLC increased its position in shares of Old National Bancorp by 14.5% during the fourth 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. Legacy Wealth Asset Management LLC acquired a new stake in shares of Old National Bancorp in the 4th quarter worth about $181,000. Finally, Trust Point Inc. acquired a new stake in shares of Old National Bancorp in the 4th quarter worth about $189,000. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

ONB stock opened at $16.99 on Thursday. The firm has a market cap of $5.42 billion, a PE ratio of 9.18 and a beta of 0.84. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.93. The business has a 50 day moving average of $16.79 and a 200-day moving average of $16.63. Old National Bancorp has a 12-month low of $12.36 and a 12-month high of $17.82.

Old National Bancorp (NASDAQ:ONB) last released its 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 company had revenue of $440.20 million during the quarter, compared to analyst estimates of $440.00 million. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. Old National Bancorp’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share. As a group, sell-side analysts expect that Old National Bancorp will post 1.82 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Wednesday, June 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.30%. The ex-dividend date was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is 30.27%.

Insider Buying and Selling at Old National Bancorp

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 transaction of $272,923.50. Following the completion of the transaction, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at $795,015.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Old National Bancorp news, CFO Brendon B. Falconer sold 49,375 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the sale, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 completion of the sale, the chief executive officer now owns 50,001 shares in the company, valued at approximately $795,015.90. The disclosure for this sale can be found here. 1.07% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ONB shares. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 29th. Barclays boosted their price objective on Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 9th. Hovde Group assumed coverage on Old National Bancorp in a report on Monday, June 3rd. They set an “outperform” rating and a $20.00 price objective for the company. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $20.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 2nd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.13.

Old National Bancorp 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.