Old National Bancorp (NASDAQ:ONB) Shares Sold by LSV Asset Management

LSV Asset Management lowered its position in Old National Bancorp (NASDAQ:ONB) by 1.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 534,300 shares of the bank’s stock after selling 8,000 shares during the period. LSV Asset Management owned 0.17% of Old National Bancorp worth $9,185,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Forum Financial Management LP boosted its stake in Old National Bancorp by 3.9% during the 2nd quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock worth $346,000 after purchasing an additional 748 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in Old National Bancorp by 1.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock worth $1,656,000 after purchasing an additional 919 shares during the last quarter. GAMMA Investing LLC boosted its stake in Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after purchasing an additional 1,005 shares during the last quarter. Independence Bank of Kentucky boosted its position in shares of Old National Bancorp by 9.2% during the 1st quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock valued at $208,000 after acquiring an additional 1,006 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its position in shares of Old National Bancorp by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank’s stock valued at $6,398,000 after acquiring an additional 1,009 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Trading Down 1.6 %

NASDAQ ONB opened at $18.25 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a market capitalization of $5.82 billion, a P/E ratio of 9.86 and a beta of 0.83. The firm’s 50-day moving average is $18.80 and its two-hundred day moving average is $17.40. Old National Bancorp has a 12 month low of $12.36 and a 12 month high of $20.43.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. The company had revenue of $750.93 million for the quarter, compared to analyst estimates of $474.10 million. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. During the same period in the prior year, the firm earned $0.54 earnings per share. On average, sell-side analysts anticipate that Old National Bancorp will post 1.85 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, September 5th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 3.07%. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Insiders Place Their Bets

In other Old National Bancorp news, CEO James A. Sandgren sold 25,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $19.94, for a total transaction of $498,500.00. Following the sale, the chief executive officer now directly owns 287,409 shares in the company, valued at $5,730,935.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Kendra L. Vanzo sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.85, for a total transaction of $397,000.00. Following the sale, the insider now directly owns 117,676 shares in the company, valued at $2,335,868.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James A. Sandgren sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the sale, the chief executive officer now owns 287,409 shares in the company, valued at $5,730,935.46. The disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ONB shares. Hovde Group started coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 price target on the stock. Barclays boosted their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, June 24th. Royal Bank of Canada boosted their price target on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 24th. Finally, StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.63.

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.