State of New Jersey Common Pension Fund D Sells 55,646 Shares of Old National Bancorp (NASDAQ:ONB)

State of New Jersey Common Pension Fund D trimmed its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 32.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,230 shares of the bank’s stock after selling 55,646 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Old National Bancorp were worth $1,998,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Forum Financial Management LP boosted its holdings in Old National Bancorp by 3.9% during the second quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock worth $346,000 after buying an additional 748 shares during the last quarter. Ameritas Investment Partners Inc. raised its position in shares of Old National Bancorp by 1.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 95,145 shares of the bank’s stock valued at $1,656,000 after acquiring an additional 919 shares during the period. GAMMA Investing LLC boosted its stake in Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after acquiring an additional 1,005 shares during the last quarter. Independence Bank of Kentucky grew its holdings in Old National Bancorp by 9.2% during the first quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock valued at $208,000 after purchasing an additional 1,006 shares during the period. Finally, Retirement Systems of Alabama grew its holdings in Old National Bancorp by 0.3% during the first quarter. Retirement Systems of Alabama now owns 367,501 shares of the bank’s stock valued at $6,398,000 after purchasing an additional 1,009 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

ONB stock opened at $19.04 on Friday. The stock has a market cap of $6.07 billion, a PE ratio of 10.39 and a beta of 0.83. The stock has a 50-day moving average price of $19.00 and a two-hundred day moving average price of $17.50. Old National Bancorp has a 1 year low of $12.36 and a 1 year high of $20.43. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.96.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.67%. The company had revenue of $750.93 million for the quarter, compared to the consensus estimate of $474.10 million. During the same period last year, the company earned $0.54 earnings per share. Equities analysts forecast that Old National Bancorp will post 1.85 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, September 5th were paid a dividend of $0.14 per share. The ex-dividend date was Thursday, September 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.94%. Old National Bancorp’s dividend payout ratio is 30.27%.

Wall Street Analyst Weigh In

Several research firms have weighed in on ONB. StockNews.com cut shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 21st. Hovde Group started coverage on Old National Bancorp in a research note on Monday, June 3rd. They set an “outperform” rating and a $20.00 price objective on the stock. Barclays boosted their target price on Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, June 24th. Finally, Royal Bank of Canada raised their price target on Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Old National Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.63.

Insider Activity

In other Old National Bancorp news, CEO James A. Sandgren sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $19.94, for a total transaction of $498,500.00. Following the transaction, the chief executive officer now owns 287,409 shares of the company’s stock, valued at approximately $5,730,935.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Kendra L. Vanzo sold 20,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $19.85, for a total value of $397,000.00. Following the sale, the insider now directly owns 117,676 shares of the company’s stock, valued at approximately $2,335,868.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James A. Sandgren sold 25,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $19.94, for a total transaction of $498,500.00. Following the completion of the sale, the chief executive officer now owns 287,409 shares of the company’s stock, valued at $5,730,935.46. The disclosure for this sale can be found here. 1.07% of the stock is owned by corporate insiders.

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.