Private Management Group Inc. Sells 653,303 Shares of Old National Bancorp (NASDAQ:ONB)

Private Management Group Inc. lowered its holdings in Old National Bancorp (NASDAQ:ONB) by 45.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 782,561 shares of the bank’s stock after selling 653,303 shares during the period. Private Management Group Inc. owned approximately 0.25% of Old National Bancorp worth $16,985,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Studio Investment Management LLC raised its position in shares of Old National Bancorp by 2.6% in the third quarter. Studio Investment Management LLC now owns 20,803 shares of the bank’s stock valued at $388,000 after buying an additional 524 shares in the last quarter. CWM LLC raised its holdings in Old National Bancorp by 0.7% in the 3rd quarter. CWM LLC now owns 87,365 shares of the bank’s stock valued at $1,630,000 after acquiring an additional 591 shares in the last quarter. Versant Capital Management Inc raised its holdings in Old National Bancorp by 58.4% in the 4th quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock valued at $36,000 after acquiring an additional 615 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Old National Bancorp by 1.2% during the 3rd quarter. Stifel Financial Corp now owns 53,594 shares of the bank’s stock valued at $1,000,000 after acquiring an additional 648 shares during the period. Finally, UMB Bank n.a. grew its holdings in shares of Old National Bancorp by 58.9% during the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after purchasing an additional 663 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Stock Up 1.3 %

Old National Bancorp stock opened at $24.15 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.83. The firm’s fifty day moving average is $22.48 and its 200 day moving average is $20.49. The company has a market capitalization of $7.70 billion, a PE ratio of 14.38 and a beta of 0.88. Old National Bancorp has a 12-month low of $15.36 and a 12-month high of $24.17.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 14.32% and a net margin of 18.24%. During the same quarter in the prior year, the company earned $0.46 earnings per share. As a group, sell-side analysts predict that Old National Bancorp will post 2.05 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were paid a dividend of $0.14 per share. The ex-dividend date was Thursday, December 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.32%. Old National Bancorp’s payout ratio is currently 33.33%.

Wall Street Analyst Weigh In

A number of research firms recently commented on ONB. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. Barclays boosted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Stephens reiterated an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods boosted their price objective 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. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $26.00 target price (up previously from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and an average target price of $26.29.

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.