Valeo Financial Advisors LLC Sells 724,176 Shares of Old National Bancorp $ONB

Valeo Financial Advisors LLC reduced its stake in shares of Old National Bancorp (NASDAQ:ONB) by 96.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 25,335 shares of the bank’s stock after selling 724,176 shares during the period. Valeo Financial Advisors LLC’s holdings in Old National Bancorp were worth $556,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. OLD National Bancorp IN boosted its holdings in shares of Old National Bancorp by 2,525.9% in the 2nd quarter. OLD National Bancorp IN now owns 44,844,379 shares of the bank’s stock worth $956,979,000 after purchasing an additional 43,136,619 shares during the period. American Century Companies Inc. increased its position in Old National Bancorp by 2.5% during the second quarter. American Century Companies Inc. now owns 12,631,487 shares of the bank’s stock valued at $269,556,000 after acquiring an additional 309,812 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Old National Bancorp by 4.6% in the second quarter. Geode Capital Management LLC now owns 8,813,765 shares of the bank’s stock valued at $188,105,000 after acquiring an additional 389,556 shares during the period. Norges Bank bought a new stake in shares of Old National Bancorp in the 2nd quarter worth about $79,396,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Old National Bancorp by 4.4% in the second quarter. The Manufacturers Life Insurance Company now owns 3,712,441 shares of the bank’s stock worth $79,223,000 after purchasing an additional 155,004 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Price Performance

Shares of ONB stock opened at $24.43 on Friday. The stock’s 50-day moving average is $22.90 and its 200 day moving average is $22.02. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $24.77. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $9.55 billion, a P/E ratio of 13.65 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, beating the consensus estimate of $0.59 by $0.03. Old National Bancorp had a net margin of 17.91% and a return on equity of 15.06%. The business had revenue of $714.50 million during the quarter, compared to analyst estimates of $705.62 million. During the same period in the prior year, the firm posted $0.49 earnings per share. Research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, December 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Friday, December 5th. Old National Bancorp’s payout ratio is currently 31.28%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Royal Bank Of Canada raised their price target on shares of Old National Bancorp from $25.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Thursday, January 22nd. Stephens upped their target price on Old National Bancorp from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday, January 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a research report on Monday, December 29th. National Bankshares set a $30.00 price objective on Old National Bancorp in a report on Thursday, January 22nd. Finally, TD Cowen upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating and increased their target price for the stock from $27.00 to $30.00 in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $27.27.

Old National Bancorp Profile

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.