Commonwealth Equity Services LLC Cuts Stake in Old National Bancorp (NASDAQ:ONB)

Commonwealth Equity Services LLC cut its position in Old National Bancorp (NASDAQ:ONB) by 1.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 67,622 shares of the bank’s stock after selling 826 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Old National Bancorp were worth $1,468,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in shares of Old National Bancorp by 121,882.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,696,774 shares of the bank’s stock valued at $35,921,000 after acquiring an additional 1,695,383 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Old National Bancorp by 28.7% in the 4th quarter. Fisher Asset Management LLC now owns 4,100,349 shares of the bank’s stock worth $88,998,000 after purchasing an additional 914,217 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Old National Bancorp in the fourth quarter worth $19,708,000. Geode Capital Management LLC lifted its holdings in shares of Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after purchasing an additional 514,315 shares in the last quarter. Finally, Channing Capital Management LLC boosted its position in shares of Old National Bancorp by 12.4% during the fourth quarter. Channing Capital Management LLC now owns 4,618,462 shares of the bank’s stock valued at $100,244,000 after buying an additional 509,028 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

ONB has been the topic of several research analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $26.00 target price (up previously from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Stephens restated an “overweight” rating and set a $27.00 price objective on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Barclays raised their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Raymond James reiterated a “strong-buy” rating and set a $29.00 target price (up from $28.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Old National Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $26.29.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock opened at $21.03 on Friday. The stock has a market cap of $6.71 billion, a P/E ratio of 12.52 and a beta of 0.85. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93. The stock’s fifty day moving average is $22.76 and its 200 day moving average is $21.39. Old National Bancorp has a one year low of $15.38 and a one year high of $24.49.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same period in the prior year, the company earned $0.46 EPS. Sell-side analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.66%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp’s dividend payout ratio is currently 33.33%.

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.