Private Management Group Inc. Decreases Stock Holdings in Old National Bancorp $ONB

Private Management Group Inc. lowered its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 13.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 540,887 shares of the bank’s stock after selling 85,349 shares during the quarter. Private Management Group Inc.’s holdings in Old National Bancorp were worth $11,872,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Brown Brothers Harriman & Co. raised its position in shares of Old National Bancorp by 0.3% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 310,719 shares of the bank’s stock valued at $6,820,000 after buying an additional 830 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. grew its position in Old National Bancorp by 4.2% in the third quarter. Elizabeth Park Capital Advisors Ltd. now owns 148,600 shares of the bank’s stock worth $3,262,000 after acquiring an additional 6,000 shares in the last quarter. Glenmede Investment Management LP increased its stake in Old National Bancorp by 1.0% during the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock worth $1,362,000 after acquiring an additional 625 shares during the last quarter. Vise Technologies Inc. increased its stake in Old National Bancorp by 5.8% during the third quarter. Vise Technologies Inc. now owns 20,622 shares of the bank’s stock worth $453,000 after acquiring an additional 1,124 shares during the last quarter. Finally, Intrepid Financial Planning Group LLC purchased a new stake in Old National Bancorp during the third quarter valued at approximately $574,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Price Performance

ONB opened at $21.51 on Friday. The business has a fifty day moving average of $23.83 and a 200 day moving average of $22.53. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $26.17. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.86. The stock has a market cap of $8.38 billion, a P/E ratio of 12.02 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last released its earnings results on Wednesday, January 21st. The bank reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. Old National Bancorp had a return on equity of 10.75% and a net margin of 17.91%.The business had revenue of $698.53 million for the quarter, compared to analyst estimates of $705.62 million. During the same quarter last year, the firm posted $0.49 earnings per share. As a group, sell-side analysts anticipate that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be issued a $0.145 dividend. The ex-dividend date is Tuesday, May 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.7%. Old National Bancorp’s dividend payout ratio is presently 32.40%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ONB shares. National Bank Financial set a $30.00 price objective on Old National Bancorp in a research note on Thursday, January 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Old National Bancorp in a report on Monday, December 29th. Citigroup raised their price target on Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. Truist Financial lifted their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Finally, UBS Group reiterated a “neutral” rating and set a $26.00 price objective on shares of Old National Bancorp in a research report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and an average price target of $27.45.

Insider Buying and Selling

In related news, insider Nicholas J. Chulos sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total value of $751,500.00. Following the transaction, the insider owned 20,438 shares of the company’s stock, valued at $511,971.90. This trade represents a 59.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.87% of the stock is owned by corporate insiders.

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.