Private Management Group Inc. Sells 26,500 Shares of Old National Bancorp $ONB

Private Management Group Inc. reduced its stake in shares of Old National Bancorp (NASDAQ:ONB) by 5.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 501,652 shares of the bank’s stock after selling 26,500 shares during the quarter. Private Management Group Inc. owned about 0.13% of Old National Bancorp worth $12,993,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of America Corp DE raised its holdings in Old National Bancorp by 2.5% in the first quarter. Bank of America Corp DE now owns 4,229,045 shares of the bank’s stock worth $93,462,000 after purchasing an additional 102,956 shares during the period. Algebris UK Ltd. increased its position in shares of Old National Bancorp by 57.9% in the 4th quarter. Algebris UK Ltd. now owns 1,844,036 shares of the bank’s stock valued at $41,160,000 after buying an additional 675,873 shares in the last quarter. Quantinno Capital Management LP raised its stake in Old National Bancorp by 200.0% during the 1st quarter. Quantinno Capital Management LP now owns 153,244 shares of the bank’s stock worth $3,387,000 after buying an additional 102,159 shares during the period. Norges Bank bought a new position in Old National Bancorp during the fourth quarter worth about $72,661,000. Finally, Deutsche Bank AG acquired a new position in Old National Bancorp in the second quarter valued at about $9,460,000. 83.66% of the stock is owned by institutional investors.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, CEO Chady M. Alahmar sold 11,771 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $26.41, for a total transaction of $310,872.11. Following the sale, the chief executive officer directly owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $26.66, for a total transaction of $533,200.00. Following the completion of the sale, the insider owned 53,544 shares of the company’s stock, valued at approximately $1,427,483.04. This represents a 27.19% decrease in their position. The SEC filing for this sale provides additional information. 0.72% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ONB shares. UBS Group assumed coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a “buy” rating and a $32.00 price objective on the stock. TD Cowen lifted their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Barclays increased their price objective on shares of Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Old National Bancorp in a research report on Thursday, June 4th. Finally, Citigroup increased their target price on Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.36.

Old National Bancorp Price Performance

NASDAQ:ONB opened at $25.85 on Friday. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $27.36. The company has a market cap of $9.89 billion, a P/E ratio of 11.49 and a beta of 0.84. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. The stock’s 50-day simple moving average is $26.31 and its 200 day simple moving average is $24.49.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. The firm had revenue of $726.86 million during the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The business’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.53 earnings per share. As a group, sell-side analysts forecast that Old National Bancorp will post 2.6 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be issued a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, September 4th. Old National Bancorp’s dividend payout ratio is presently 25.78%.

About Old National Bancorp

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.