Peregrine Capital Management LLC Sells 11,653 Shares of Old National Bancorp (NASDAQ:ONB)

Peregrine Capital Management LLC reduced its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 3.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 321,003 shares of the bank's stock after selling 11,653 shares during the period. Peregrine Capital Management LLC owned 0.10% of Old National Bancorp worth $6,967,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ONB. CIBC Asset Management Inc bought a new position in Old National Bancorp in the 4th quarter worth $207,000. Sanctuary Advisors LLC lifted its position in shares of Old National Bancorp by 1.4% in the fourth quarter. Sanctuary Advisors LLC now owns 32,029 shares of the bank's stock valued at $762,000 after acquiring an additional 432 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Old National Bancorp by 2.4% in the fourth quarter. Principal Financial Group Inc. now owns 973,917 shares of the bank's stock worth $21,139,000 after acquiring an additional 23,037 shares during the period. Allworth Financial LP grew its position in shares of Old National Bancorp by 150.5% during the fourth quarter. Allworth Financial LP now owns 3,507 shares of the bank's stock worth $82,000 after purchasing an additional 2,107 shares in the last quarter. Finally, Stieven Capital Advisors L.P. bought a new stake in Old National Bancorp during the 4th quarter valued at approximately $10,165,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock traded down $0.51 during trading hours on Friday, reaching $23.46. The company's stock had a trading volume of 2,749,238 shares, compared to its average volume of 3,289,957. The stock has a market cap of $7.48 billion, a P/E ratio of 13.96 and a beta of 0.88. Old National Bancorp has a one year low of $15.38 and a one year high of $24.49. The firm has a 50 day moving average price of $22.71 and a 200-day moving average price 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 (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 14.32% and a net margin of 18.24%. During the same period last year, the business posted $0.46 earnings per share. On average, analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Piper Sandler restated an "overweight" rating and issued a $27.00 price target (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods upped their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 26th. Stephens restated an "overweight" rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Royal Bank of Canada restated a "sector perform" rating and set a $26.00 target price (up previously from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Raymond James reaffirmed a "strong-buy" rating and issued a $29.00 target price (up from $28.00) 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 assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Old National Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.29.

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.