Phocas Financial Corp. Sells 24,104 Shares of Old National Bancorp (NASDAQ:ONB)

Phocas Financial Corp. lowered its stake in Old National Bancorp (NASDAQ:ONB) by 5.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 387,563 shares of the bank’s stock after selling 24,104 shares during the quarter. Phocas Financial Corp.’s holdings in Old National Bancorp were worth $7,232,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ONB. International Assets Investment Management LLC raised its position in shares of Old National Bancorp by 1,766.7% in the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after buying an additional 1,325 shares in the last quarter. GAMMA Investing LLC increased its stake in Old National Bancorp by 194.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after acquiring an additional 1,005 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in shares of Old National Bancorp in the 2nd quarter valued at about $28,000. LRI Investments LLC purchased a new position in shares of Old National Bancorp during the first quarter worth about $48,000. Finally, Quest Partners LLC purchased a new position in shares of Old National Bancorp during the third quarter worth about $91,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Down 0.0 %

Shares of Old National Bancorp stock opened at $21.22 on Tuesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 52-week low of $14.32 and a 52-week high of $22.75. The company’s 50 day moving average price is $19.33 and its 200-day moving average price is $18.37. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 12.86 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. The business had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. Old National Bancorp’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.51 EPS. Equities research analysts forecast that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.56 annualized dividend and a yield of 2.64%. Old National Bancorp’s payout ratio is 33.94%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ONB shares. Barclays boosted their price target on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Finally, Royal Bank of Canada increased their price objective on Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.43.

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.