Bank of America Corp DE Lowers Stock Holdings in Old National Bancorp (NASDAQ:ONB)

Bank of America Corp DE cut its stake in shares of Old National Bancorp (NASDAQ:ONB) by 6.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,768,675 shares of the bank’s stock after selling 195,549 shares during the period. Bank of America Corp DE owned approximately 0.87% of Old National Bancorp worth $60,094,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ONB. Sanctuary Advisors LLC lifted its position in Old National Bancorp by 1.4% in the fourth quarter. Sanctuary Advisors LLC now owns 32,029 shares of the bank’s stock valued at $762,000 after purchasing an additional 432 shares during the period. Mariner LLC lifted its holdings in shares of Old National Bancorp by 0.9% in the 4th quarter. Mariner LLC now owns 57,744 shares of the bank’s stock valued at $1,253,000 after buying an additional 509 shares during the period. Covestor Ltd grew its holdings in Old National Bancorp by 13.6% during the fourth quarter. Covestor Ltd now owns 4,365 shares of the bank’s stock worth $95,000 after acquiring an additional 524 shares during the period. CIBC Private Wealth Group LLC raised its position in Old National Bancorp by 3.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 16,744 shares of the bank’s stock worth $356,000 after acquiring an additional 615 shares in the last quarter. Finally, UMB Bank n.a. lifted its holdings in Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after acquiring an additional 663 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Stock Up 1.4%

Shares of NASDAQ ONB opened at $22.45 on Wednesday. The firm has a market cap of $7.18 billion, a P/E ratio of 13.36 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. Old National Bancorp has a 1 year low of $15.60 and a 1 year high of $24.49. The firm’s 50 day moving average price is $20.44 and its 200 day moving average price is $21.71.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. The firm had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. As a group, 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 business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp’s dividend payout ratio is presently 32.56%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ONB. Citigroup cut their price target on shares of Old National Bancorp from $30.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Stephens reissued an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research note on Monday, April 14th. Royal Bank of Canada lowered their price target on Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Barclays reduced their price objective on Old National Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $25.67.

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.