Private Management Group Inc. Reduces Holdings in Old National Bancorp (NASDAQ:ONB)

Private Management Group Inc. reduced its stake in Old National Bancorp (NASDAQ:ONB) by 18.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,435,864 shares of the bank’s stock after selling 325,125 shares during the quarter. Private Management Group Inc.’s holdings in Old National Bancorp were worth $26,793,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its stake in Old National Bancorp by 12.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after purchasing an additional 1,896,748 shares during the last quarter. American Century Companies Inc. increased its holdings in Old National Bancorp by 3.2% in the 2nd quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock worth $242,795,000 after buying an additional 441,887 shares during the period. Bank of New York Mellon Corp raised its position in Old National Bancorp by 6.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,544,124 shares of the bank’s stock worth $60,923,000 after buying an additional 203,088 shares during the last quarter. Silvercrest Asset Management Group LLC lifted its stake in Old National Bancorp by 0.8% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 3,305,752 shares of the bank’s stock valued at $57,553,000 after acquiring an additional 25,519 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in shares of Old National Bancorp by 211.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,922,022 shares of the bank’s stock valued at $50,230,000 after acquiring an additional 1,983,476 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Trading Down 0.7 %

ONB stock traded down $0.14 during midday trading on Friday, hitting $19.12. 2,530,313 shares of the company’s stock were exchanged, compared to its average volume of 2,018,345. Old National Bancorp has a 1-year low of $13.66 and a 1-year high of $20.43. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $6.10 billion, a PE ratio of 11.59 and a beta of 0.83. The business has a 50-day simple moving average of $18.89 and a two-hundred day simple moving average of $17.96.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. The business had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a net margin of 17.93% and a return on equity of 14.38%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the business earned $0.51 earnings per share. On average, sell-side analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, September 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.93%. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Analyst Upgrades and Downgrades

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

Old National Bancorp Company 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.