Old National Bancorp (NASDAQ:ONB) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. reduced its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 48.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 656,111 shares of the bank's stock after selling 619,681 shares during the period. Point72 Asset Management L.P. owned 0.21% of Old National Bancorp worth $12,243,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Studio Investment Management LLC increased its stake in shares of Old National Bancorp by 2.6% in the 3rd quarter. Studio Investment Management LLC now owns 20,803 shares of the bank's stock worth $388,000 after acquiring an additional 524 shares during the last quarter. CWM LLC increased its stake in Old National Bancorp by 0.7% during the third quarter. CWM LLC now owns 87,365 shares of the bank's stock worth $1,630,000 after acquiring an additional 591 shares during the last quarter. Forum Financial Management LP increased its stake in Old National Bancorp by 3.9% during the second quarter. Forum Financial Management LP now owns 20,152 shares of the bank's stock worth $346,000 after acquiring an additional 748 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of 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 purchasing an additional 1,005 shares during the period. Finally, Securian Asset Management Inc. raised its holdings in Old National Bancorp by 4.6% in the 2nd quarter. Securian Asset Management Inc. now owns 25,186 shares of the bank's stock valued at $433,000 after buying an additional 1,119 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ONB has been the subject of a number of research analyst reports. StockNews.com cut shares of Old National Bancorp from a "hold" rating to a "sell" rating in a research report on Tuesday, December 3rd. Royal Bank of Canada increased their target price on Old National Bancorp from $24.00 to $25.00 and gave the stock a "sector perform" rating in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods increased their price target 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. Barclays lifted their price objective on shares of Old National Bancorp from $24.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, November 26th. Finally, Raymond James upgraded shares of Old National Bancorp from a "market perform" rating to a "strong-buy" rating and set a $28.00 target price on the stock in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $24.25.

Old National Bancorp Price Performance

ONB stock traded down $0.04 during midday trading on Friday, hitting $23.08. 1,906,434 shares of the stock were exchanged, compared to its average volume of 3,073,555. The stock's 50-day moving average price is $20.40 and its 200-day moving average price is $18.88. 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 market cap of $7.36 billion, a price-to-earnings ratio of 13.99 and a beta of 0.86. Old National Bancorp has a fifty-two week low of $15.36 and a fifty-two week high of $23.76.

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 for the quarter, meeting 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 firm had revenue of $485.86 million during the quarter, compared to the consensus estimate of $482.20 million. During the same period last year, the firm posted $0.51 EPS. The firm's revenue for the quarter was up 6.5% on a year-over-year basis. Research analysts predict that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Thursday, December 5th. Old National Bancorp's payout ratio is currently 33.94%.

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.