State of Michigan Retirement System Purchases 4,200 Shares of Old National Bancorp (NASDAQ:ONB)

State of Michigan Retirement System increased its position in shares of Old National Bancorp (NASDAQ:ONB) by 5.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 76,042 shares of the bank’s stock after buying an additional 4,200 shares during the period. State of Michigan Retirement System’s holdings in Old National Bancorp were worth $1,307,000 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. Ameritas Investment Partners Inc. boosted its position in Old National Bancorp by 1.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock valued at $1,656,000 after acquiring an additional 919 shares in the last quarter. GAMMA Investing LLC boosted its position in Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,005 shares in the last quarter. Independence Bank of Kentucky grew its stake in Old National Bancorp by 9.2% in the first quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock valued at $208,000 after purchasing an additional 1,006 shares during the last quarter. Retirement Systems of Alabama raised its holdings in Old National Bancorp by 0.3% in the first quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank’s stock worth $6,398,000 after purchasing an additional 1,009 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in Old National Bancorp by 14.5% in the fourth quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after purchasing an additional 1,020 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 50,001 shares in the company, valued at $795,015.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total transaction of $272,923.50. Following the sale, the chief executive officer now owns 50,001 shares in the company, valued at $795,015.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO James A. Sandgren sold 25,000 shares of Old National Bancorp stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $19.94, for a total transaction of $498,500.00. Following the completion of the transaction, the chief executive officer now directly owns 287,409 shares of the company’s stock, valued at approximately $5,730,935.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,165 shares of company stock valued at $1,168,424. Company insiders own 1.07% of the company’s stock.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $19.64 on Friday. The business has a fifty day moving average of $18.40 and a 200 day moving average of $17.22. Old National Bancorp has a 1 year low of $12.36 and a 1 year high of $20.43. 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 firm has a market capitalization of $6.26 billion, a price-to-earnings ratio of 10.62 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share (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 return on equity of 10.67% and a net margin of 18.83%. During the same period last year, the business posted $0.54 earnings per share. As a group, research analysts expect that Old National Bancorp will post 1.85 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Thursday, September 5th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.85%. Old National Bancorp’s payout ratio is currently 30.27%.

Wall Street Analyst Weigh In

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

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.