Edgestream Partners L.P. Sells 131,034 Shares of Old National Bancorp (NASDAQ:ONB)

Edgestream Partners L.P. trimmed its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 68.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 61,485 shares of the bank's stock after selling 131,034 shares during the period. Edgestream Partners L.P.'s holdings in Old National Bancorp were worth $1,147,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its holdings in Old National Bancorp by 188.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank's stock worth $885,000 after acquiring an additional 33,615 shares in the last quarter. Busey Bank boosted its stake in Old National Bancorp by 41.6% in the 2nd quarter. Busey Bank now owns 38,519 shares of the bank's stock worth $662,000 after purchasing an additional 11,316 shares in the last quarter. Fisher Asset Management LLC grew its position in Old National Bancorp by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 3,186,132 shares of the bank's stock valued at $59,453,000 after purchasing an additional 90,747 shares during the last quarter. Retirement Systems of Alabama increased its stake in Old National Bancorp by 6.1% during the 2nd quarter. Retirement Systems of Alabama now owns 389,750 shares of the bank's stock valued at $6,700,000 after purchasing an additional 22,249 shares in the last quarter. Finally, Citigroup Inc. raised its holdings in Old National Bancorp by 12.1% in the third quarter. Citigroup Inc. now owns 485,023 shares of the bank's stock worth $9,051,000 after buying an additional 52,430 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Stock Performance

ONB stock traded down $0.11 during midday trading on Thursday, reaching $23.12. 2,251,638 shares of the company's stock traded hands, compared to its average volume of 2,144,646. The stock's 50-day moving average is $20.22 and its 200 day moving average is $18.79. The stock has a market cap of $7.37 billion, a P/E ratio of 14.01 and a beta of 0.86. Old National Bancorp has a 52-week low of $15.36 and a 52-week high of $23.76. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, meeting the consensus estimate 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 10.10% and a net margin of 17.93%. Old National Bancorp's quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.51 earnings per share. As a group, analysts anticipate that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be given 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 2.42%. Old National Bancorp's payout ratio is currently 33.94%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ONB shares. Royal Bank of Canada raised their price target on shares of Old National Bancorp from $24.00 to $25.00 and gave the company a "sector perform" rating in a research report on Tuesday, November 26th. Raymond James upgraded Old National Bancorp from a "market perform" rating to a "strong-buy" rating and set a $28.00 price target for the company in a research note on Tuesday, November 26th. StockNews.com cut Old National Bancorp from a "hold" rating to a "sell" rating in a research report on Tuesday. Barclays boosted their target price on Old National Bancorp from $24.00 to $26.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 26th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $27.00 price target (up previously from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Old National Bancorp has an average rating of "Moderate Buy" and a consensus target price of $24.25.

About Old National Bancorp

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.