Brown Advisory Inc. Sells 180,105 Shares of Old National Bancorp $ONB

Key Points

• Brown Advisory Inc. reduced its stake in Old National Bancorp by 7.1% in the fourth quarter, selling 180,105 shares and leaving it with 2.37 million shares valued at about $52.8 million.
• Several analysts raised their price targets on ONB, and the stock now carries a consensus rating of Moderate Buy with an average target price of $27.91.
• Old National Bancorp recently beat earnings estimates with $0.61 EPS, and it also announced a quarterly dividend of $0.145 per share, implying a 2.3% yield.

Brown Advisory Inc. trimmed its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 7.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,367,759 shares of the bank's stock after selling 180,105 shares during the quarter. Brown Advisory Inc. owned 0.61% of Old National Bancorp worth $52,825,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. Carlson Capital L.P. increased its stake in Old National Bancorp by 1.1% during the 4th quarter. Carlson Capital L.P. now owns 38,000 shares of the bank's stock worth $848,000 after purchasing an additional 400 shares in the last quarter. Rothschild Investment LLC increased its stake in Old National Bancorp by 72.3% during the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank's stock worth $28,000 after purchasing an additional 535 shares in the last quarter. Glenmede Investment Management LP increased its stake in Old National Bancorp by 1.0% during the 3rd quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank's stock worth $1,362,000 after purchasing an additional 625 shares in the last quarter. Teza Capital Management LLC increased its stake in Old National Bancorp by 6.8% during the 2nd quarter. Teza Capital Management LLC now owns 10,993 shares of the bank's stock worth $235,000 after purchasing an additional 702 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in Old National Bancorp by 4.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 16,863 shares of the bank's stock worth $376,000 after purchasing an additional 703 shares in the last quarter. 83.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ONB shares. Jefferies Financial Group upped their price target on Old National Bancorp from $23.00 to $25.00 and gave the stock a "hold" rating in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods upped their price target on Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a research report on Thursday, April 23rd. Barclays upped their price target on Old National Bancorp from $29.00 to $30.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 7th. Stephens upped their price target on Old National Bancorp from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, April 23rd. Finally, Citigroup boosted their price target on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research report on Tuesday, February 24th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $27.91.

Old National Bancorp Price Performance

NASDAQ:ONB opened at $25.14 on Monday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.93 and a current ratio of 0.94. The stock's 50-day simple moving average is $23.74 and its 200 day simple moving average is $23.34. The company has a market cap of $9.71 billion, a P/E ratio of 12.96 and a beta of 0.84. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $26.17.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $702.70 million during the quarter, compared to the consensus estimate of $706.62 million. Old National Bancorp had a return on equity of 11.23% and a net margin of 18.90%.The firm's revenue for the quarter was up 44.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. As a group, sell-side analysts forecast that Old National Bancorp will post 2.58 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, June 5th will be issued a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, June 5th. Old National Bancorp's dividend payout ratio is presently 29.90%.

Old National Bancorp Company Profile

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

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