Pinnacle Financial Partners Inc Boosts Holdings in Old National Bancorp (NASDAQ:ONB)

Pinnacle Financial Partners Inc increased its position in Old National Bancorp (NASDAQ:ONB) by 10.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,561 shares of the bank’s stock after purchasing an additional 1,395 shares during the period. Pinnacle Financial Partners Inc’s holdings in Old National Bancorp were worth $272,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC grew its holdings in shares of Old National Bancorp by 1,766.7% during the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after buying an additional 1,325 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 valued at $26,000 after purchasing an additional 1,005 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in shares of Old National Bancorp in the 2nd quarter worth $28,000. LRI Investments LLC purchased a new position in shares of Old National Bancorp in the first quarter worth $48,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Old National Bancorp during the second quarter valued at $103,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on ONB. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Royal Bank of Canada lifted their price target on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 24th. Finally, Barclays increased their price objective on shares of Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. One investment 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $21.80 on Friday. Old National Bancorp has a 12-month low of $14.32 and a 12-month high of $22.75. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 13.21 and a beta of 0.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The firm has a 50 day moving average of $19.23 and a 200 day moving average of $18.29.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The company had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. During the same period in the prior year, the firm posted $0.51 EPS. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, research analysts anticipate that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were issued a dividend of $0.14 per share. The ex-dividend date was Thursday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.57%. Old National Bancorp’s dividend payout ratio 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.