Old National Bancorp (NASDAQ:ONB) Shares Sold by Phocas Financial Corp.

Phocas Financial Corp. lowered its position in Old National Bancorp (NASDAQ:ONB - Free Report) by 85.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,072 shares of the bank's stock after selling 329,491 shares during the quarter. Phocas Financial Corp.'s holdings in Old National Bancorp were worth $1,260,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC lifted its stake in Old National Bancorp by 1.4% in the fourth quarter. Sanctuary Advisors LLC now owns 32,029 shares of the bank's stock worth $762,000 after acquiring an additional 432 shares during the last quarter. Studio Investment Management LLC raised its holdings in Old National Bancorp by 2.6% during the third quarter. Studio Investment Management LLC now owns 20,803 shares of the bank's stock worth $388,000 after purchasing an additional 524 shares in the last quarter. Versant Capital Management Inc raised its holdings in Old National Bancorp by 58.4% during the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank's stock worth $36,000 after purchasing an additional 615 shares in the last quarter. Stifel Financial Corp raised its holdings in Old National Bancorp by 1.2% during the third quarter. Stifel Financial Corp now owns 53,594 shares of the bank's stock worth $1,000,000 after purchasing an additional 648 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in Old National Bancorp by 58.9% during the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank's stock worth $39,000 after purchasing an additional 663 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

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Old National Bancorp Stock Performance

Shares of Old National Bancorp stock traded up $0.37 during trading on Friday, reaching $23.75. The company's stock had a trading volume of 2,433,495 shares, compared to its average volume of 3,170,669. The company has a 50-day moving average price of $22.89 and a two-hundred day moving average price of $21.04. The firm has a market cap of $7.58 billion, a PE ratio of 14.14 and a beta of 0.88. Old National Bancorp has a fifty-two week low of $15.38 and a fifty-two week high of $24.49. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its earnings results on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating 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 10.13%. During the same period in the previous year, the business posted $0.46 EPS. On average, analysts forecast that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

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 paid a $0.14 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $0.56 annualized dividend and a yield of 2.36%. Old National Bancorp's dividend payout ratio is currently 33.33%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. 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. Raymond James reissued a "strong-buy" rating and set a $29.00 price objective (up previously from $28.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Royal Bank of Canada reissued a "sector perform" rating and set a $26.00 price objective (up previously from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods raised their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an "outperform" rating in a report on Tuesday, November 26th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. 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 issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $26.29.

Old National Bancorp Company 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.