Private Management Group Inc. Increases Stock Position in Old National Bancorp (NASDAQ:ONB)

Private Management Group Inc. increased its position in shares of Old National Bancorp (NASDAQ:ONB) by 0.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,780,919 shares of the bank’s stock after buying an additional 6,626 shares during the period. Old National Bancorp comprises approximately 1.2% of Private Management Group Inc.’s holdings, making the stock its 28th biggest holding. Private Management Group Inc. owned about 0.61% of Old National Bancorp worth $30,080,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ONB. Parkside Financial Bank & Trust raised its position in shares of Old National Bancorp by 57.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock valued at $38,000 after purchasing an additional 949 shares in the last quarter. Ronald Blue Trust Inc. boosted its stake in Old National Bancorp by 55.6% during the 3rd quarter. Ronald Blue Trust Inc. now owns 2,898 shares of the bank’s stock valued at $40,000 after acquiring an additional 1,036 shares during the last quarter. Lynch & Associates IN grew its holdings in Old National Bancorp by 18.9% during the 3rd quarter. Lynch & Associates IN now owns 12,167 shares of the bank’s stock worth $177,000 after acquiring an additional 1,932 shares in the last quarter. Legacy Wealth Asset Management LLC bought a new stake in shares of Old National Bancorp in the 4th quarter worth about $181,000. Finally, Trust Point Inc. bought a new stake in shares of Old National Bancorp in the 4th quarter worth about $189,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Stock Up 0.1 %

Shares of ONB traded up $0.01 during trading hours on Tuesday, reaching $16.47. The company’s stock had a trading volume of 2,415,069 shares, compared to its average volume of 2,193,455. The company has a 50 day moving average of $16.46 and a two-hundred day moving average of $15.90. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of 8.49 and a beta of 0.83. Old National Bancorp has a 1-year low of $11.66 and a 1-year high of $17.64.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.46 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.02). Old National Bancorp had a net margin of 22.91% and a return on equity of 12.04%. The company had revenue of $689.85 million for the quarter, compared to analysts’ expectations of $448.87 million. During the same quarter in the prior year, the firm earned $0.56 earnings per share. As a group, research analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend was Monday, March 4th. Old National Bancorp’s payout ratio is presently 28.87%.

Analysts Set New Price Targets

Several research firms recently issued reports on ONB. Barclays initiated coverage on Old National Bancorp in a research report on Friday, March 8th. They set an “overweight” rating and a $20.00 price target on the stock. Stephens cut their price target on Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. 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 note on Tuesday, April 9th. UBS Group cut their target price on 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. Finally, StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.71.

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.