Mitsubishi UFJ Trust & Banking Corp Reduces Stock Position in Old National Bancorp (NASDAQ:ONB)

Mitsubishi UFJ Trust & Banking Corp cut its holdings in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 35.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,662 shares of the bank's stock after selling 19,373 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in Old National Bancorp were worth $752,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lee Danner & Bass Inc. acquired a new stake in Old National Bancorp in the fourth quarter valued at approximately $25,000. Empowered Funds LLC purchased a new stake in shares of Old National Bancorp in the 4th quarter valued at approximately $28,000. Versant Capital Management Inc raised its holdings in shares of Old National Bancorp by 58.4% in the 4th quarter. Versant Capital Management Inc now owns 1,668 shares of the bank's stock valued at $36,000 after purchasing an additional 615 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Old National Bancorp by 58.9% during the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank's stock worth $39,000 after purchasing an additional 663 shares during the last quarter. Finally, Bank of Jackson Hole Trust purchased a new stake in shares of Old National Bancorp during the 4th quarter worth $65,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Royal Bank of Canada restated a "sector perform" rating and issued a $26.00 price target (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Raymond James cut their target price on Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating on the stock in a research report on Wednesday. Barclays upped their price target on Old National Bancorp from $26.00 to $27.00 and gave the company an "overweight" rating in a report on Friday, December 20th. Finally, Stephens reissued an "overweight" rating and set a $27.00 price objective on shares of Old National Bancorp in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $26.00.

Old National Bancorp Stock Performance

Old National Bancorp stock traded down $0.81 during mid-day trading on Friday, reaching $17.97. 5,161,726 shares of the company were exchanged, compared to its average volume of 2,354,081. The firm's 50-day simple moving average is $22.44 and its two-hundred day simple moving average is $21.45. Old National Bancorp has a twelve month low of $15.38 and a twelve month high of $24.49. The firm has a market cap of $5.73 billion, a PE ratio of 10.70 and a beta of 0.82. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.92 and a current ratio of 0.93.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same quarter in the prior year, the firm earned $0.46 earnings per share. Equities analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp's dividend payout ratio (DPR) is 33.33%.

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.