Brown Brothers Harriman & Co. Reduces Holdings in Old National Bancorp (NASDAQ:ONB)

Brown Brothers Harriman & Co. lessened its holdings in Old National Bancorp (NASDAQ:ONB) by 10.7% during the 3rd quarter, Holdings Channel reports. The firm owned 332,387 shares of the bank’s stock after selling 40,000 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Old National Bancorp were worth $6,202,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Dimensional Fund Advisors LP raised its position in shares of Old National Bancorp by 12.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock worth $289,481,000 after purchasing an additional 1,896,748 shares during the last quarter. American Century Companies Inc. increased its position in Old National Bancorp by 3.2% during the second quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock worth $242,795,000 after buying an additional 441,887 shares in the last quarter. Victory Capital Management Inc. increased its position in Old National Bancorp by 147.3% during the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after buying an additional 4,303,071 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Old National Bancorp by 2.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,629,864 shares of the bank’s stock worth $67,733,000 after acquiring an additional 78,983 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Old National Bancorp by 6.1% in the second quarter. Bank of New York Mellon Corp now owns 3,544,124 shares of the bank’s stock valued at $60,923,000 after acquiring an additional 203,088 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $22.94 on Tuesday. Old National Bancorp has a twelve month low of $14.32 and a twelve month high of $23.76. The business’s 50-day moving average price is $19.63 and its 200 day moving average price is $18.52. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $7.32 billion, a PE ratio of 13.90 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The business had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same period in the prior year, the firm posted $0.51 EPS. The company’s revenue was up 6.5% on a year-over-year basis. On average, research analysts predict that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be issued a $0.14 dividend. The ex-dividend date is Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.44%. Old National Bancorp’s dividend payout ratio (DPR) is presently 33.94%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Barclays lifted their price target on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Old National Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $20.43.

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.