Old National Bancorp (NASDAQ:ONB) Shares Sold by Private Management Group Inc.

Private Management Group Inc. lessened its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 0.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,760,989 shares of the bank’s stock after selling 10,841 shares during the period. Old National Bancorp makes up approximately 1.2% of Private Management Group Inc.’s portfolio, making the stock its 23rd biggest holding. Private Management Group Inc. owned 0.55% of Old National Bancorp worth $30,271,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. GAMMA Investing LLC grew its stake in shares of Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after purchasing an additional 1,005 shares during the period. Rise Advisors LLC purchased a new position in Old National Bancorp in the first quarter valued at about $28,000. LRI Investments LLC purchased a new position in Old National Bancorp in the first quarter valued at about $48,000. First Financial Corp IN lifted its position in shares of Old National Bancorp by 176.8% during the 2nd quarter. First Financial Corp IN now owns 6,086 shares of the bank’s stock valued at $105,000 after acquiring an additional 3,887 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in shares of Old National Bancorp by 14.5% during the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after acquiring an additional 1,020 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

ONB has been the subject of several research reports. Royal Bank of Canada lifted their price objective on Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. Hovde Group started coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They issued an “outperform” rating and a $20.00 price objective on the stock. Barclays raised their target price on shares of Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, June 24th. Finally, StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.63.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $18.53 on Monday. The company has a 50-day simple moving average of $18.72 and a 200-day simple moving average of $17.36. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market cap of $5.91 billion, a PE ratio of 10.02 and a beta of 0.83. Old National Bancorp has a 12 month low of $12.36 and a 12 month high of $20.43.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping the consensus estimate of $0.44 by $0.02. The firm had revenue of $750.93 million during the quarter, compared to analysts’ expectations of $474.10 million. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. During the same period in the previous year, the company earned $0.54 EPS. On average, equities analysts anticipate that Old National Bancorp will post 1.85 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, September 5th will be paid a $0.14 dividend. The ex-dividend date is Thursday, September 5th. This represents a $0.56 annualized dividend and a yield of 3.02%. Old National Bancorp’s payout ratio is currently 30.27%.

Insider Buying and Selling

In other Old National Bancorp news, CEO James A. Sandgren sold 25,000 shares of Old National Bancorp 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 owns 287,409 shares in the company, valued at approximately $5,730,935.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Chady M. Alahmar sold 17,165 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following the completion of the sale, the chief executive officer now directly owns 50,001 shares in the company, valued at approximately $795,015.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James A. Sandgren sold 25,000 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 287,409 shares in the company, valued at $5,730,935.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 62,165 shares of company stock worth $1,168,424. 1.07% of the stock is owned by company insiders.

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.