Old National Bancorp (NASDAQ:ONB) Position Increased by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC boosted its stake in Old National Bancorp (NASDAQ:ONB) by 3.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 180,800 shares of the bank’s stock after purchasing an additional 6,431 shares during the period. Mutual of America Capital Management LLC’s holdings in Old National Bancorp were worth $3,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the stock. Leuthold Group LLC bought a new position in shares of Old National Bancorp during the first quarter worth about $3,142,000. Wealth Enhancement Advisory Services LLC grew its position in Old National Bancorp by 188.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock worth $885,000 after purchasing an additional 33,615 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of Old National Bancorp by 330.1% in the fourth quarter. Hsbc Holdings PLC now owns 93,149 shares of the bank’s stock valued at $1,581,000 after purchasing an additional 71,489 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in shares of Old National Bancorp by 35.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank’s stock valued at $1,969,000 after buying an additional 29,400 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its position in shares of Old National Bancorp by 27.9% during the first quarter. First Eagle Investment Management LLC now owns 446,698 shares of the bank’s stock worth $7,777,000 after buying an additional 97,350 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on ONB. Barclays raised their target price on Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, June 24th. Hovde Group initiated coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They set an “outperform” rating and a $20.00 price objective on the stock. Royal Bank of Canada increased their target price 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 upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.63.

Insiders Place Their Bets

In other Old National Bancorp news, CEO James A. Sandgren sold 25,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $19.94, for a total value of $498,500.00. Following the completion of the transaction, 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 filing with the SEC, which is accessible through this link. In related news, insider Kendra L. Vanzo sold 20,000 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $19.85, for a total transaction of $397,000.00. Following the transaction, the insider now directly owns 117,676 shares of the company’s stock, 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 stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.94, for a total value of $498,500.00. Following the completion of the sale, the chief executive officer now directly owns 287,409 shares of the company’s stock, valued at $5,730,935.46. The disclosure for this sale can be found here. Corporate insiders own 1.07% of the company’s stock.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $18.97 on Tuesday. The stock has a fifty day moving average price of $19.03 and a two-hundred day moving average price of $17.54. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market cap of $6.05 billion, a P/E ratio of 10.25 and a beta of 0.83. Old National Bancorp has a 1 year low of $12.36 and a 1 year 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, beating analysts’ consensus estimates of $0.44 by $0.02. Old National Bancorp had a return on equity of 10.67% and a net margin of 18.83%. The firm had revenue of $750.93 million during the quarter, compared to analyst estimates of $474.10 million. During the same period last year, the company posted $0.54 EPS. Research analysts forecast that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were paid a $0.14 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.95%. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Old National Bancorp Company 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.