Private Management Group Inc. Lowers Stake in Old National Bancorp $ONB

Private Management Group Inc. reduced its position in Old National Bancorp (NASDAQ:ONB) by 13.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 540,887 shares of the bank’s stock after selling 85,349 shares during the quarter. Private Management Group Inc. owned approximately 0.14% of Old National Bancorp worth $11,872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MAI Capital Management raised its position in shares of Old National Bancorp by 156.8% during the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock valued at $25,000 after purchasing an additional 704 shares during the period. Covestor Ltd lifted its stake in shares of Old National Bancorp by 157.0% during the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock valued at $27,000 after buying an additional 755 shares in the last quarter. Rothschild Investment LLC boosted its holdings in Old National Bancorp by 72.3% in the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock worth $28,000 after buying an additional 535 shares during the period. First Horizon Corp bought a new position in Old National Bancorp in the 3rd quarter worth $39,000. Finally, EverSource Wealth Advisors LLC increased its stake in Old National Bancorp by 794.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the bank’s stock worth $76,000 after buying an additional 3,169 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Nicholas J. Chulos sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $25.05, for a total transaction of $751,500.00. Following the sale, the insider directly owned 20,438 shares of the company’s stock, valued at $511,971.90. This represents a 59.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on ONB shares. Truist Financial raised their price target on Old National Bancorp from $26.00 to $27.00 and gave the company a “buy” rating in a report on Monday, January 26th. TD Cowen upgraded Old National Bancorp from a “hold” rating to a “buy” rating and increased their target price for the stock from $27.00 to $30.00 in a research report on Thursday, January 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a research note on Monday, December 29th. UBS Group reissued a “neutral” rating and issued a $26.00 price target on shares of Old National Bancorp in a report on Wednesday, February 4th. Finally, National Bank Financial set a $30.00 price target on Old National Bancorp in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Old National Bancorp has a consensus rating of “Moderate Buy” and an average price target of $27.45.

Old National Bancorp Stock Down 0.5%

ONB opened at $21.51 on Friday. The firm has a 50-day simple moving average of $23.83 and a two-hundred day simple moving average of $22.53. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $26.17. The company has a market capitalization of $8.38 billion, a PE ratio of 12.02 and a beta of 0.84. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.86.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.03. The firm had revenue of $698.53 million for the quarter, compared to analysts’ expectations of $705.62 million. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.During the same period in the previous year, the firm posted $0.49 earnings per share. Analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, May 16th. Shareholders of record on Tuesday, May 5th will be paid a $0.145 dividend. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $0.58 dividend on an annualized basis and a yield of 2.7%. Old National Bancorp’s payout ratio is presently 32.40%.

Old National Bancorp Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.