Old National Bancorp (NASDAQ:ONB) Stake Cut by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its position in Old National Bancorp (NASDAQ:ONBGet Rating) by 15.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 82,519 shares of the bank’s stock after selling 15,081 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Old National Bancorp were worth $1,220,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ONB. Mutual of America Capital Management LLC increased its position in Old National Bancorp by 1,088.4% in the 1st quarter. Mutual of America Capital Management LLC now owns 269,217 shares of the bank’s stock worth $4,410,000 after purchasing an additional 246,563 shares during the last quarter. Securian Asset Management Inc. acquired a new position in shares of Old National Bancorp during the 1st quarter valued at about $432,000. State of New Jersey Common Pension Fund D acquired a new position in shares of Old National Bancorp during the 1st quarter valued at about $2,286,000. Arizona State Retirement System increased its holdings in shares of Old National Bancorp by 78.9% during the 1st quarter. Arizona State Retirement System now owns 79,804 shares of the bank’s stock valued at $1,307,000 after acquiring an additional 35,201 shares during the last quarter. Finally, Shell Asset Management Co. acquired a new position in shares of Old National Bancorp during the 1st quarter valued at about $151,000. 78.13% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

Shares of ONB stock opened at $19.00 on Wednesday. The stock has a 50 day moving average of $18.14 and a two-hundred day moving average of $16.80. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.75. Old National Bancorp has a 12 month low of $14.22 and a 12 month high of $20.81. The company has a market capitalization of $5.56 billion, a P/E ratio of 17.92 and a beta of 0.87.

Old National Bancorp (NASDAQ:ONBGet Rating) last announced its quarterly earnings data on Tuesday, October 25th. The bank reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. The company had revenue of $461.92 million during the quarter, compared to the consensus estimate of $438.18 million. Old National Bancorp had a return on equity of 10.06% and a net margin of 19.71%. The company’s quarterly revenue was up 120.4% on a year-over-year basis. During the same quarter last year, the company earned $0.43 EPS. As a group, equities analysts expect that Old National Bancorp will post 1.31 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, November 30th. This represents a $0.56 annualized dividend and a dividend yield of 2.95%. Old National Bancorp’s dividend payout ratio (DPR) is presently 52.83%.

Insider Buying and Selling

In related news, Director Thomas Lynn Brown bought 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was acquired at an average price of $16.74 per share, for a total transaction of $251,100.00. Following the transaction, the director now directly owns 18,400 shares of the company’s stock, valued at $308,016. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ONB shares. StockNews.com started coverage on Old National Bancorp in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Stephens increased their price objective on Old National Bancorp to $23.00 in a report on Tuesday, August 23rd. Royal Bank of Canada increased their price objective on Old National Bancorp from $20.00 to $21.00 and gave the company a “sector perform” rating in a report on Wednesday, October 26th. TheStreet raised Old National Bancorp from a “c+” rating to a “b” rating in a report on Monday, August 29th. Finally, Piper Sandler raised their target price on Old National Bancorp to $21.00 and gave the company an “outperform” rating in a report on Wednesday, July 27th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Old National Bancorp has an average rating of “Moderate Buy” and a consensus price target of $21.75.

About Old National Bancorp

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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, letters of credit, and lease financing.

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Institutional Ownership by Quarter for Old National Bancorp (NASDAQ:ONB)

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