Independence Bank of Kentucky Has $208,000 Stock Holdings in Old National Bancorp (NASDAQ:ONB)

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of ONB. Rise Advisors LLC acquired a new position in shares of Old National Bancorp in the 1st quarter worth approximately $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 acquiring an additional 650 shares during the period. Quadrant Capital Group LLC lifted its position in shares of Old National Bancorp by 14.5% during the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock valued at $136,000 after acquiring an additional 1,020 shares during the period. Legacy Wealth Asset Management LLC acquired a new position in shares of Old National Bancorp during the 4th quarter valued at $181,000. Finally, Trust Point Inc. acquired a new position in shares of Old National Bancorp during the 4th quarter valued at $189,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ONB shares. 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. Hovde Group assumed coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 target price on the stock. Barclays boosted their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, June 24th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $18.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 9th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Old National Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

Insider Buying and Selling

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

Old National Bancorp Stock Up 2.7 %

Shares of NASDAQ ONB traded up $0.46 during trading on Friday, hitting $17.19. The stock had a trading volume of 5,589,170 shares, compared to its average volume of 1,606,766. Old National Bancorp has a 12 month low of $12.36 and a 12 month high of $17.82. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $5.48 billion, a PE ratio of 9.29 and a beta of 0.83. The firm has a fifty day moving average of $16.75 and a two-hundred day moving average of $16.62.

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

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend was Wednesday, June 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 30.27%.

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.