Goldman Sachs Group Inc. Cuts Position in Old National Bancorp (NASDAQ:ONB)

Goldman Sachs Group Inc. lessened its stake in Old National Bancorp (NASDAQ:ONB) by 13.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,122,485 shares of the bank’s stock after selling 315,838 shares during the quarter. Goldman Sachs Group Inc. owned 0.73% of Old National Bancorp worth $35,849,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Parkside Financial Bank & Trust increased its holdings in Old National Bancorp by 57.2% during the 3rd quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock valued at $38,000 after acquiring an additional 949 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in Old National Bancorp by 14.5% during the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock valued at $136,000 after acquiring an additional 1,020 shares in the last quarter. Legacy Wealth Asset Management LLC purchased a new position in Old National Bancorp during the 4th quarter valued at about $181,000. Trust Point Inc. purchased a new position in Old National Bancorp during the 4th quarter valued at about $189,000. Finally, Prime Capital Investment Advisors LLC acquired a new stake in shares of Old National Bancorp during the 4th quarter worth about $192,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Trading Up 1.4 %

NASDAQ ONB opened at $16.48 on Friday. Old National Bancorp has a one year low of $12.36 and a one year high of $17.82. The company’s 50 day moving average price is $16.65 and its 200 day moving average price is $16.59. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 8.91 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. The firm had revenue of $440.20 million for the quarter, compared to analyst estimates of $440.00 million. During the same quarter last year, the firm posted $0.54 earnings per share. Old National Bancorp’s revenue for the quarter was down 3.8% compared to the same quarter last year. On average, sell-side analysts predict that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Wednesday, June 5th were paid a dividend of $0.14 per share. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.40%. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Analysts Set New Price Targets

ONB has been the topic of several analyst reports. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 9th. Hovde Group initiated coverage on shares of Old National Bancorp in a research note on Monday, June 3rd. They set an “outperform” rating and a $20.00 price target on the stock. Barclays raised their price target on shares of Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $20.00 target price on shares of Old National Bancorp in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Insider Activity

In other news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total transaction of $803,825.00. Following the sale, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total transaction of $803,825.00. Following the sale, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Chady M. Alahmar sold 17,165 shares of Old National Bancorp stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total transaction of $272,923.50. Following the sale, the chief executive officer now 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.

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.