Private Management Group Inc. Sells 653,303 Shares of Old National Bancorp (NASDAQ:ONB)

Private Management Group Inc. reduced its stake in Old National Bancorp (NASDAQ:ONB) by 45.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 782,561 shares of the bank’s stock after selling 653,303 shares during the period. Private Management Group Inc.’s holdings in Old National Bancorp were worth $16,985,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Creative Planning grew its holdings in Old National Bancorp by 35.4% during the 2nd quarter. Creative Planning now owns 80,065 shares of the bank’s stock valued at $1,376,000 after buying an additional 20,947 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Old National Bancorp during the second quarter valued at approximately $399,000. GAMMA Investing LLC increased its holdings in Old National Bancorp by 156.8% during the 3rd quarter. GAMMA Investing LLC now owns 3,906 shares of the bank’s stock worth $73,000 after acquiring an additional 2,385 shares during the period. CWM LLC lifted its stake in Old National Bancorp by 0.7% in the 3rd quarter. CWM LLC now owns 87,365 shares of the bank’s stock worth $1,630,000 after purchasing an additional 591 shares in the last quarter. Finally, nVerses Capital LLC bought a new position in Old National Bancorp in the 3rd quarter valued at $399,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Trading Up 1.3 %

ONB stock opened at $24.15 on Thursday. The company has a market capitalization of $7.70 billion, a PE ratio of 14.38 and a beta of 0.88. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.93. Old National Bancorp has a one year low of $15.36 and a one year high of $24.17. The company’s 50 day moving average price is $22.48 and its two-hundred day moving average price is $20.49.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 14.32%. During the same period in the previous year, the firm posted $0.46 EPS. As a group, analysts predict that Old National Bancorp will post 2.05 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend was Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.33%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Stephens reaffirmed an “overweight” rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods upped their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Piper Sandler reissued an “overweight” rating and issued a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Finally, Barclays raised their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and a consensus target price of $26.29.

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.