Old National Bancorp (NASDAQ:ONB) Shares Sold by American International Group Inc.

American International Group Inc. lowered its holdings in Old National Bancorp (NASDAQ:ONB) by 3.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 538,619 shares of the bank’s stock after selling 17,489 shares during the period. American International Group Inc.’s holdings in Old National Bancorp were worth $9,097,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust lifted its stake in Old National Bancorp by 57.2% in the third quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock worth $38,000 after acquiring an additional 949 shares during the last quarter. Quadrant Capital Group LLC lifted its stake 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 acquiring an additional 1,020 shares during the last quarter. Legacy Wealth Asset Management LLC purchased a new position in Old National Bancorp in the fourth quarter worth approximately $181,000. Trust Point Inc. purchased a new position in Old National Bancorp in the fourth quarter worth approximately $189,000. Finally, Prime Capital Investment Advisors LLC purchased a new position in Old National Bancorp in the fourth quarter worth approximately $192,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Up 1.1 %

ONB opened at $16.14 on Wednesday. Old National Bancorp has a 52 week low of $12.36 and a 52 week high of $17.82. The business has a 50 day moving average price of $16.64 and a two-hundred day moving average price of $16.59. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.93. The company has a market cap of $5.15 billion, a PE ratio of 8.73 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02. Old National Bancorp had a return on equity of 11.31% and a net margin of 20.99%. The business had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. During the same quarter in the prior year, the business earned $0.54 earnings per share. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. As a group, research analysts anticipate that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.47%. The ex-dividend date was Wednesday, June 5th. Old National Bancorp’s payout ratio is 30.27%.

Insider Activity

In other news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction dated 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 of the company’s stock, valued at $1,444,231.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction dated 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 of the company’s stock, valued at $1,444,231.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction dated Tuesday, June 11th. The shares were 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 disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Hovde Group assumed coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They set an “outperform” rating and a $20.00 price objective for the company. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 9th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $20.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 2nd. StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, June 13th. Finally, Barclays boosted their price objective 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. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Old National Bancorp 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.