Old National Bancorp (NASDAQ:ONB) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its stake in shares of Old National Bancorp (NASDAQ:ONB) by 1.9% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,218,126 shares of the bank’s stock after selling 23,891 shares during the period. The Manufacturers Life Insurance Company owned about 0.38% of Old National Bancorp worth $20,940,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Victory Capital Management Inc. lifted its holdings in shares of Old National Bancorp by 211.3% in the second quarter. Victory Capital Management Inc. now owns 2,922,022 shares of the bank’s stock valued at $50,230,000 after purchasing an additional 1,983,476 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Old National Bancorp by 12.7% in the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after purchasing an additional 1,896,748 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Old National Bancorp by 6,650.2% in the second quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock valued at $21,931,000 after purchasing an additional 1,256,892 shares in the last quarter. Verition Fund Management LLC lifted its holdings in shares of Old National Bancorp by 48.9% in the fourth quarter. Verition Fund Management LLC now owns 3,776,635 shares of the bank’s stock valued at $63,787,000 after purchasing an additional 1,240,952 shares in the last quarter. Finally, Equitable Trust Co. purchased a new stake in shares of Old National Bancorp in the second quarter valued at $8,681,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Trading Down 3.2 %

Old National Bancorp stock opened at $18.06 on Wednesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market capitalization of $5.76 billion, a price-to-earnings ratio of 9.76 and a beta of 0.83. Old National Bancorp has a one year low of $12.36 and a one year high of $20.43. The company’s fifty day moving average price is $18.88 and its two-hundred day moving average price is $17.62.

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

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 3.10%. The ex-dividend date was Thursday, September 5th. Old National Bancorp’s payout ratio is 30.27%.

Insiders Place Their Bets

In other news, CEO James A. Sandgren sold 25,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.94, for a total value of $498,500.00. Following the sale, the chief executive officer now directly owns 287,409 shares of the company’s stock, valued at $5,730,935.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO James A. Sandgren sold 25,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $19.94, for a total value of $498,500.00. Following the sale, the chief executive officer now directly owns 287,409 shares of the company’s stock, valued at $5,730,935.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kendra L. Vanzo sold 20,000 shares of the firm’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 completion of the sale, the insider now directly owns 117,676 shares in the company, valued at $2,335,868.60. The disclosure for this sale can be found here. Company insiders own 1.07% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on ONB shares. StockNews.com lowered Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday. Royal Bank of Canada upped their price target on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 24th. Finally, Barclays upped their price target on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.88.

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.