Peregrine Capital Management LLC Sells 11,653 Shares of Old National Bancorp (NASDAQ:ONB)

Peregrine Capital Management LLC lowered its position in Old National Bancorp (NASDAQ:ONB) by 3.5% during the 4th quarter, HoldingsChannel reports. The firm owned 321,003 shares of the bank’s stock after selling 11,653 shares during the period. Peregrine Capital Management LLC’s holdings in Old National Bancorp were worth $6,967,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC grew its position in Old National Bancorp by 1,766.7% during the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after buying an additional 1,325 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Old National Bancorp during the fourth quarter worth about $28,000. Versant Capital Management Inc increased its position in shares of Old National Bancorp by 58.4% in the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after purchasing an additional 615 shares during the last quarter. UMB Bank n.a. raised its stake in Old National Bancorp by 58.9% in the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock valued at $39,000 after purchasing an additional 663 shares in the last quarter. Finally, Allworth Financial LP lifted its position in Old National Bancorp by 150.5% during the fourth quarter. Allworth Financial LP now owns 3,507 shares of the bank’s stock valued at $82,000 after purchasing an additional 2,107 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

ONB has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods increased their price target on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Barclays lifted their price target on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Raymond James reiterated a “strong-buy” rating and issued a $29.00 price objective (up from $28.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $26.29.

Old National Bancorp Price Performance

ONB opened at $24.21 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.93 and a quick ratio of 0.92. The stock’s 50 day simple moving average is $22.66 and its 200 day simple moving average is $20.76. The firm has a market cap of $7.72 billion, a price-to-earnings ratio of 14.41 and a beta of 0.88. Old National Bancorp has a 1 year low of $15.38 and a 1 year high of $24.49.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 14.32%. During the same period in the prior year, the business earned $0.46 EPS. As a group, analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Company 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.