Old National Bancorp (NASDAQ:ONB) Stake Trimmed by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lessened its stake in shares of Old National Bancorp (NASDAQ:ONB) by 4.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 95,204 shares of the bank’s stock after selling 4,600 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Old National Bancorp were worth $1,608,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Verition Fund Management LLC lifted its stake in Old National Bancorp by 48.9% during the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock valued at $63,787,000 after buying an additional 1,240,952 shares in the last quarter. Hudson Edge Investment Partners Inc. purchased a new stake in Old National Bancorp during the fourth quarter valued at about $333,000. Rafferty Asset Management LLC lifted its stake in Old National Bancorp by 55.3% during the fourth quarter. Rafferty Asset Management LLC now owns 454,142 shares of the bank’s stock valued at $7,670,000 after buying an additional 161,746 shares in the last quarter. Campbell & CO Investment Adviser LLC lifted its stake in Old National Bancorp by 113.3% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 155,889 shares of the bank’s stock valued at $2,633,000 after buying an additional 82,811 shares in the last quarter. Finally, Oliver Luxxe Assets LLC purchased a new stake in Old National Bancorp during the fourth quarter valued at about $582,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on ONB. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 2nd. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Friday. Barclays increased 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 report on Wednesday, April 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price target on shares of Old National Bancorp in a research report on Tuesday, April 9th. Finally, Hovde Group assumed coverage on shares of Old National Bancorp in a research report on Monday, June 3rd. They issued an “outperform” rating and a $20.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Old National Bancorp Price Performance

Shares of ONB opened at $16.48 on Friday. The firm has a market cap of $5.26 billion, a PE ratio of 8.91 and a beta of 0.83. The firm’s 50 day moving average price is $16.65 and its 200 day moving average price is $16.60. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $17.82.

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

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Wednesday, June 5th were issued a dividend of $0.14 per share. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 annualized dividend and a yield of 3.40%. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, CFO Brendon B. Falconer sold 49,375 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the transaction, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Old National Bancorp news, CFO Brendon B. Falconer sold 49,375 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the transaction, the chief financial officer now owns 88,712 shares in the company, valued at $1,444,231.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following the completion of 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. Corporate insiders own 1.07% of the company’s stock.

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.