Old National Bancorp (NASDAQ:ONB) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 6.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 476,018 shares of the bank's stock after selling 32,753 shares during the quarter. New York State Teachers Retirement System owned about 0.15% of Old National Bancorp worth $10,332,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of ONB. Fisher Asset Management LLC boosted its stake in shares of Old National Bancorp by 2.9% in the third 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 period. Citigroup Inc. boosted its position in Old National Bancorp by 12.1% in the 3rd quarter. Citigroup Inc. now owns 485,023 shares of the bank's stock valued at $9,051,000 after buying an additional 52,430 shares during the last quarter. LMR Partners LLP acquired a new stake in shares of Old National Bancorp during the third quarter valued at about $452,000. JPMorgan Chase & Co. grew its stake in shares of Old National Bancorp by 13.5% during the third quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank's stock valued at $65,275,000 after acquiring an additional 416,647 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in shares of Old National Bancorp during the fourth quarter worth about $209,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on ONB. Raymond James reissued a "strong-buy" rating and issued a $29.00 price target (up previously from $28.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Royal Bank of Canada reiterated a "sector perform" rating and set a $26.00 target price (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Stephens restated an "overweight" rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, January 22nd. StockNews.com downgraded shares of Old National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, December 3rd. Finally, Piper Sandler reissued an "overweight" rating and set a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $26.29.

Old National Bancorp Stock Performance

ONB traded down $0.51 during trading hours on Friday, hitting $23.46. 2,749,238 shares of the stock were exchanged, compared to its average volume of 3,289,957. The stock has a market cap of $7.48 billion, a price-to-earnings ratio of 13.96 and a beta of 0.88. The stock has a 50-day simple moving average of $22.71 and a 200-day simple moving average of $20.81. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.93 and a quick ratio of 0.92. Old National Bancorp has a 12 month low of $15.38 and a 12 month high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company posted $0.46 EPS. Analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Wednesday, March 5th. Old National Bancorp's dividend payout ratio (DPR) is presently 33.33%.

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.