Equitable Trust Co. Sells 148,263 Shares of Old National Bancorp $ONB

Key Points

• Equitable Trust Co. sharply reduced its Old National Bancorp stake in the first quarter, selling 148,263 shares and cutting its position by 70.7% to 61,559 shares worth about $1.36 million.
• Institutional ownership remains heavy, with hedge funds and other large investors owning 83.66% of the company; several firms, including Norges Bank, Morgan Stanley, and Goldman Sachs, significantly increased or initiated positions.
• Old National Bancorp has seen mixed but generally positive momentum, with analysts maintaining a Moderate Buy view and an average target price of $28.55, while the stock recently traded near its 52-week high after reporting earnings that slightly beat EPS estimates and paying a quarterly dividend yielding 2.2%.

Equitable Trust Co. trimmed its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 70.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,559 shares of the bank's stock after selling 148,263 shares during the period. Equitable Trust Co.'s holdings in Old National Bancorp were worth $1,360,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in Old National Bancorp in the fourth quarter valued at approximately $72,661,000. Morgan Stanley raised its holdings in Old National Bancorp by 69.8% in the fourth quarter. Morgan Stanley now owns 6,776,716 shares of the bank's stock worth $151,189,000 after purchasing an additional 2,785,474 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Old National Bancorp by 65.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,956,160 shares of the bank's stock worth $110,572,000 after purchasing an additional 1,966,958 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Old National Bancorp by 37.5% during the fourth quarter. First Trust Advisors LP now owns 7,188,766 shares of the bank's stock worth $160,381,000 after purchasing an additional 1,961,525 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its holdings in shares of Old National Bancorp by 2,942.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,743,757 shares of the bank's stock valued at $38,903,000 after buying an additional 1,686,442 shares during the period. Institutional investors own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ONB. Weiss Ratings restated a "buy (b)" rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Jefferies Financial Group lifted their target price on Old National Bancorp from $23.00 to $25.00 and gave the stock a "hold" rating in a report on Wednesday, April 22nd. Stephens boosted their target price on Old National Bancorp from $27.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $27.00 to $28.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Finally, UBS Group began coverage on Old National Bancorp in a research report on Tuesday. They set a "buy" rating and a $32.00 price target on the stock. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.55.

Old National Bancorp Stock Up 0.2%

Old National Bancorp stock opened at $26.21 on Friday. The company has a 50 day moving average of $24.63 and a 200-day moving average of $23.78. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.89. Old National Bancorp has a twelve month low of $19.39 and a twelve month high of $26.70. The stock has a market capitalization of $10.13 billion, a PE ratio of 13.51 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. The business had revenue of $702.70 million for the quarter, compared to analyst estimates of $706.62 million. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The firm's quarterly revenue was up 44.4% on a year-over-year basis. During the same period last year, the business posted $0.45 earnings per share. On average, equities research analysts anticipate that Old National Bancorp will post 2.56 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, June 5th. Old National Bancorp's dividend payout ratio is 29.90%.

About Old National Bancorp

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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