Old National Bancorp (NASDAQ:ONB) Shares Sold by South Dakota Investment Council

South Dakota Investment Council reduced its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 25.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 58,576 shares of the bank's stock after selling 19,600 shares during the period. South Dakota Investment Council's holdings in Old National Bancorp were worth $1,241,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Lee Danner & Bass Inc. purchased a new position in shares of Old National Bancorp during the fourth quarter worth about $25,000. USA Financial Formulas purchased a new position in shares of Old National Bancorp during the first quarter worth about $50,000. Fifth Third Bancorp boosted its stake in Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after buying an additional 695 shares in the last quarter. UMB Bank n.a. boosted its stake in Old National Bancorp by 122.3% in the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock worth $84,000 after buying an additional 2,187 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in Old National Bancorp by 157.7% in the first 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 in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ONB shares. Citigroup cut their target price on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. National Bankshares set a $24.00 price objective on Old National Bancorp in a research note on Tuesday, May 20th. Piper Sandler reissued an "overweight" rating and set a $27.00 price objective (up previously from $26.00) on shares of Old National Bancorp in a research note on Wednesday. Stephens reaffirmed an "overweight" rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Monday, April 14th. Finally, Jefferies Financial Group assumed coverage on Old National Bancorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price target for the company. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $26.40.

Old National Bancorp Price Performance

Shares of NASDAQ ONB traded down $0.22 during midday trading on Thursday, reaching $21.83. 2,557,802 shares of the stock traded hands, compared to its average volume of 3,254,893. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $6.98 billion, a PE ratio of 12.91 and a beta of 0.85. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. The company's 50 day moving average is $21.58 and its 200 day moving average is $21.66.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.02. Old National Bancorp had a return on equity of 14.61% and a net margin of 17.67%. The company had revenue of $633.41 million for the quarter, compared to analyst estimates of $622.83 million. During the same quarter in the prior year, the firm posted $0.46 EPS. On average, equities research analysts anticipate 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. Stockholders of record on Thursday, June 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.57%. Old National Bancorp's dividend payout ratio is currently 32.56%.

About Old National Bancorp

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.