Retirement Systems of Alabama Boosts Stake in Old National Bancorp (NASDAQ:ONB)

Retirement Systems of Alabama raised its position in Old National Bancorp (NASDAQ:ONB) by 0.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 366,492 shares of the bank’s stock after buying an additional 1,163 shares during the period. Retirement Systems of Alabama owned approximately 0.13% of Old National Bancorp worth $6,190,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ONB. Channing Capital Management LLC lifted its position in shares of Old National Bancorp by 550.2% during the third quarter. Channing Capital Management LLC now owns 3,722,335 shares of the bank’s stock worth $54,123,000 after purchasing an additional 3,149,806 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in shares of Old National Bancorp by 293.4% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,349,974 shares of the bank’s stock worth $19,628,000 after purchasing an additional 1,006,825 shares during the last quarter. New York State Common Retirement Fund lifted its position in shares of Old National Bancorp by 446.9% during the third quarter. New York State Common Retirement Fund now owns 906,229 shares of the bank’s stock worth $13,177,000 after purchasing an additional 740,530 shares during the last quarter. Boston Partners lifted its position in shares of Old National Bancorp by 35.6% during the third quarter. Boston Partners now owns 2,216,997 shares of the bank’s stock worth $31,994,000 after purchasing an additional 581,457 shares during the last quarter. Finally, Foundry Partners LLC lifted its position in shares of Old National Bancorp by 2,494.5% during the fourth quarter. Foundry Partners LLC now owns 482,028 shares of the bank’s stock worth $8,141,000 after purchasing an additional 463,449 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, CFO Brendon B. Falconer sold 49,375 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the sale, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.07% of the stock is owned by company insiders.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $17.19 on Friday. The firm’s 50 day moving average is $16.52 and its two-hundred day moving average is $16.03. Old National Bancorp has a 52 week low of $11.66 and a 52 week high of $17.64. The firm has a market capitalization of $5.48 billion, a P/E ratio of 9.29 and a beta of 0.83. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The company had revenue of $440.20 million for the quarter, compared to analyst estimates of $440.00 million. During the same quarter last year, the business earned $0.54 earnings per share. Old National Bancorp’s revenue was down 3.8% compared to the same quarter last year. Analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th were paid a $0.14 dividend. The ex-dividend date was Monday, March 4th. This represents a $0.56 annualized dividend and a dividend yield of 3.26%. Old National Bancorp’s payout ratio is currently 30.27%.

Analyst Ratings Changes

Several brokerages have recently commented on ONB. Barclays increased their price target on shares of Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24th. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday. UBS Group dropped their price objective on shares of Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, January 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. Finally, Stephens dropped their price objective on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.86.

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.