Phocas Financial Corp. Reduces Holdings in Old National Bancorp (NASDAQ:ONB)

Phocas Financial Corp. cut its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 5.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 387,563 shares of the bank's stock after selling 24,104 shares during the quarter. Phocas Financial Corp. owned approximately 0.12% of Old National Bancorp worth $7,232,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank's stock worth $26,000 after buying an additional 1,005 shares during the period. International Assets Investment Management LLC grew its stake in shares of Old National Bancorp by 1,766.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank's stock worth $26,000 after acquiring an additional 1,325 shares in the last quarter. HHM Wealth Advisors LLC bought a new position in shares of Old National Bancorp during the 2nd quarter worth approximately $28,000. LRI Investments LLC bought a new position in shares of Old National Bancorp during the 1st quarter worth approximately $48,000. Finally, Quest Partners LLC bought a new position in shares of Old National Bancorp during the 3rd quarter worth approximately $91,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ONB shares. StockNews.com cut shares of Old National Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, October 1st. Royal Bank of Canada lifted their target price on Old National Bancorp from $19.00 to $22.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 24th. Finally, Barclays lifted their target price on Old National Bancorp from $22.00 to $24.00 and gave the stock an "overweight" rating in a report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Old National Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $20.43.

Old National Bancorp Stock Down 1.6 %

Shares of Old National Bancorp stock traded down $0.33 on Tuesday, hitting $20.89. The company had a trading volume of 863,831 shares, compared to its average volume of 2,065,648. Old National Bancorp has a 1 year low of $14.32 and a 1 year high of $22.75. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a 50 day moving average of $19.33 and a 200-day moving average of $18.37. The stock has a market capitalization of $6.66 billion, a price-to-earnings ratio of 12.69 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 10.10%. The business had revenue of $485.86 million for the quarter, compared to analysts' expectations of $482.20 million. During the same period in the prior year, the company posted $0.51 EPS. The business's revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.68%. The ex-dividend date is Thursday, December 5th. Old National Bancorp's dividend payout ratio is currently 33.94%.

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.