Private Management Group Inc. Sells 325,125 Shares of Old National Bancorp (NASDAQ:ONB)

Private Management Group Inc. lowered its stake in shares of Old National Bancorp (NASDAQ:ONB) by 18.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,435,864 shares of the bank’s stock after selling 325,125 shares during the period. Private Management Group Inc. owned 0.45% of Old National Bancorp worth $26,793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. State of Michigan Retirement System boosted its stake in Old National Bancorp by 2.3% during the first quarter. State of Michigan Retirement System now owns 71,842 shares of the bank’s stock valued at $1,251,000 after buying an additional 1,600 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in Old National Bancorp by 12.7% during the first quarter. Commonwealth Equity Services LLC now owns 79,329 shares of the bank’s stock valued at $1,381,000 after purchasing an additional 8,962 shares during the last quarter. Retirement Systems of Alabama lifted its position in Old National Bancorp by 0.3% during the first quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank’s stock valued at $6,398,000 after purchasing an additional 1,009 shares during the last quarter. BNP Paribas Financial Markets grew its position in Old National Bancorp by 35.0% in the first quarter. BNP Paribas Financial Markets now owns 189,635 shares of the bank’s stock worth $3,302,000 after acquiring an additional 49,213 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its position in Old National Bancorp by 18.4% during the first quarter. Janney Montgomery Scott LLC now owns 15,240 shares of the bank’s stock valued at $265,000 after purchasing an additional 2,366 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Down 0.7 %

Shares of Old National Bancorp stock traded down $0.14 during trading on Friday, hitting $19.12. 2,530,313 shares of the stock traded hands, compared to its average volume of 2,018,345. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.96. The stock’s fifty day simple moving average is $18.89 and its 200 day simple moving average is $17.96. The firm has a market cap of $6.10 billion, a P/E ratio of 11.59 and a beta of 0.83. Old National Bancorp has a 52-week low of $13.66 and a 52-week high of $20.43.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 14.38%. The business had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. During the same quarter in the previous year, the business posted $0.51 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities analysts predict that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.93%. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Barclays increased their price target on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Royal Bank of Canada raised their target price on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. Finally, StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.43.

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.