Retirement Systems of Alabama Sells 2,277 Shares of Old National Bancorp (NASDAQ:ONB)

Retirement Systems of Alabama lowered its position in shares of Old National Bancorp (NASDAQ:ONB) by 0.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 387,473 shares of the bank’s stock after selling 2,277 shares during the period. Retirement Systems of Alabama owned about 0.12% of Old National Bancorp worth $7,230,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Sanctuary Advisors LLC grew its position in Old National Bancorp by 31.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 31,597 shares of the bank’s stock worth $590,000 after acquiring an additional 7,489 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of Old National Bancorp during the 3rd quarter valued at about $124,000. Geode Capital Management LLC raised its stake in Old National Bancorp by 6.6% in the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after buying an additional 514,315 shares in the last quarter. Barclays PLC boosted its holdings in shares of Old National Bancorp by 93.6% during the 3rd quarter. Barclays PLC now owns 839,504 shares of the bank’s stock valued at $15,665,000 after buying an additional 405,956 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Old National Bancorp by 175.1% during the third quarter. Public Employees Retirement System of Ohio now owns 8,848 shares of the bank’s stock valued at $165,000 after purchasing an additional 5,632 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ONB has been the topic of several analyst reports. Royal Bank of Canada boosted their target price on Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 26th. Raymond James upgraded shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods raised their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Finally, Barclays lifted their target price on Old National Bancorp from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.25.

Old National Bancorp Price Performance

ONB stock opened at $22.35 on Wednesday. The firm has a market capitalization of $7.13 billion, a P/E ratio of 13.55 and a beta of 0.86. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.83. The company has a fifty day simple moving average of $21.04 and a two-hundred day simple moving average of $19.18. Old National Bancorp has a 52 week low of $15.36 and a 52 week high of $23.76.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. During the same period last year, the company earned $0.51 EPS. Old National Bancorp’s quarterly revenue was up 6.5% compared to the same quarter last year. Analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Thursday, December 5th. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

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.