Old National Bancorp $ONB Shares Sold by Pettinga Financial Advisors LLC

Pettinga Financial Advisors LLC cut its stake in shares of Old National Bancorp (NASDAQ:ONB) by 25.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 66,326 shares of the bank’s stock after selling 22,357 shares during the period. Pettinga Financial Advisors LLC’s holdings in Old National Bancorp were worth $1,718,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Comerica Bank increased its stake in Old National Bancorp by 27.8% in the 4th quarter. Comerica Bank now owns 263,057 shares of the bank’s stock worth $5,869,000 after purchasing an additional 57,152 shares in the last quarter. Bank of America Corp DE lifted its stake in Old National Bancorp by 2.5% during the first quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank’s stock valued at $93,462,000 after buying an additional 102,956 shares in the last quarter. Algebris UK Ltd. boosted its holdings in shares of Old National Bancorp by 57.9% in the fourth quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank’s stock worth $41,160,000 after buying an additional 675,873 shares during the period. Ruffer LLP acquired a new position in shares of Old National Bancorp in the fourth quarter worth about $2,871,000. Finally, Easterly Investment Partners LLC increased its position in shares of Old National Bancorp by 27.4% in the fourth quarter. Easterly Investment Partners LLC now owns 282,948 shares of the bank’s stock worth $6,313,000 after acquiring an additional 60,829 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Price Performance

Shares of ONB opened at $26.56 on Monday. The business’s 50-day moving average is $25.71 and its 200-day moving average is $24.30. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $10.16 billion, a price-to-earnings ratio of 11.80 and a beta of 0.84. Old National Bancorp has a fifty-two week low of $19.39 and a fifty-two week high of $27.36.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The business had revenue of $726.86 million during the quarter, compared to analysts’ expectations of $716.25 million. During the same period last year, the company posted $0.53 earnings per share. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. Equities research analysts expect that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were paid a dividend of $0.145 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. Old National Bancorp’s dividend payout ratio (DPR) is 25.78%.

Insiders Place Their Bets

In other news, CEO Chady M. Alahmar sold 11,771 shares of the business’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total transaction of $310,872.11. Following the transaction, the chief executive officer directly owned 63,531 shares in the company, valued at $1,677,853.71. The trade was a 15.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Nicholas J. Chulos sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the completion of the transaction, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. This trade represents a 27.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ONB shares. Citigroup boosted their price target on shares of Old National Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a report on Friday, July 24th. UBS Group assumed coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price objective on the stock. Royal Bank Of Canada boosted their target price on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “sector perform” rating in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods increased their target price on Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Old National Bancorp has an average rating of “Moderate Buy” and an average target price of $29.36.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.