EMC Capital Management Reduces Stake in Old National Bancorp (NASDAQ:ONB)

EMC Capital Management lessened its position in shares of Old National Bancorp (NASDAQ:ONB) by 59.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,152 shares of the bank’s stock after selling 13,293 shares during the quarter. EMC Capital Management’s holdings in Old National Bancorp were worth $170,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. raised its holdings in Old National Bancorp by 211.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,922,022 shares of the bank’s stock worth $50,230,000 after purchasing an additional 1,983,476 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Old National Bancorp by 12.7% in the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock worth $289,481,000 after buying an additional 1,896,748 shares during the period. Point72 Asset Management L.P. lifted its position in shares of Old National Bancorp by 6,650.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,275,792 shares of the bank’s stock valued at $21,931,000 after buying an additional 1,256,892 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Old National Bancorp by 469.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,039,643 shares of the bank’s stock valued at $19,400,000 after acquiring an additional 857,158 shares during the period. Finally, Equitable Trust Co. purchased a new stake in Old National Bancorp in the 2nd quarter worth approximately $8,681,000. Institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

ONB has been the topic of a number of analyst reports. Royal Bank of Canada lifted their target price on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Finally, Barclays upped their price objective on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $20.43.

Old National Bancorp Stock Down 0.7 %

Shares of ONB stock opened at $19.12 on Friday. The stock has a market cap of $6.10 billion, a P/E ratio of 11.59 and a beta of 0.83. The company’s fifty day simple moving average is $18.89 and its two-hundred day simple moving average is $17.96. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. Old National Bancorp has a 52 week low of $13.66 and a 52 week high of $20.43.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. The company had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a return on equity of 14.38% and a net margin of 17.93%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.51 earnings per share. Analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, September 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.93%. Old National Bancorp’s dividend payout ratio is currently 33.94%.

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.