Old National Bancorp (NASDAQ:ONB) Shares Sold by Private Management Group Inc.

Key Points

• Private Management Group Inc. reduced its stake in Old National Bancorp by 13.4%, now holding 677,319 shares valued at approximately $14.35 million.
• Old National Bancorp reported earnings of $0.53 per share for the latest quarter, exceeding the analysts' expectation of $0.51, with a revenue of $633.41 million.
• The company declared a quarterly dividend of $0.14, resulting in an annualized dividend of $0.56 and a yield of 2.60%.

Private Management Group Inc. lowered its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 13.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 677,319 shares of the bank's stock after selling 105,242 shares during the quarter. Private Management Group Inc. owned approximately 0.21% of Old National Bancorp worth $14,352,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. USA Financial Formulas purchased a new stake in Old National Bancorp in the first quarter valued at $50,000. Fifth Third Bancorp boosted its position in shares of Old National Bancorp by 21.9% in the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after purchasing an additional 695 shares during the period. UMB Bank n.a. boosted its position in shares of Old National Bancorp by 122.3% in the 1st quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock valued at $84,000 after purchasing an additional 2,187 shares during the period. Versant Capital Management Inc grew its stake in Old National Bancorp by 157.7% during the 1st quarter. Versant Capital Management Inc now owns 4,298 shares of the bank's stock worth $91,000 after buying an additional 2,630 shares during the last quarter. Finally, Covestor Ltd increased its position in Old National Bancorp by 13.6% during the fourth quarter. Covestor Ltd now owns 4,365 shares of the bank's stock worth $95,000 after buying an additional 524 shares during the period. Hedge funds and other institutional investors own 83.66% of the company's stock.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $21.52 on Friday. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $24.49. The company has a 50-day moving average price of $21.56 and a 200 day moving average price of $21.66. The company has a market cap of $6.88 billion, a P/E ratio of 12.73 and a beta of 0.85. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.82.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 14.61%. The company had revenue of $633.41 million for the quarter, compared to analyst estimates of $622.83 million. During the same period in the prior year, the business posted $0.46 earnings per share. Research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, June 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend was Thursday, June 5th. Old National Bancorp's dividend payout ratio is currently 32.56%.

Wall Street Analyst Weigh In

ONB has been the subject of several research analyst reports. Citigroup decreased their price objective on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Royal Bank Of Canada raised their price objective on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Raymond James Financial reduced their target price on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a report on Wednesday, April 2nd. Stephens reiterated an "overweight" rating and set a $27.00 target price on shares of Old National Bancorp in a research note on Monday, April 14th. Finally, Jefferies Financial Group started coverage on Old National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price target on the stock. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $26.40.

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.

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