Principal Financial Group Inc. Cuts Holdings in Old National Bancorp (NASDAQ:ONB)

Principal Financial Group Inc. trimmed its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 25.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 950,880 shares of the bank's stock after selling 321,990 shares during the quarter. Principal Financial Group Inc. owned about 0.30% of Old National Bancorp worth $17,743,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ONB. Wealth Enhancement Advisory Services LLC boosted its position in Old National Bancorp by 188.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank's stock worth $885,000 after purchasing an additional 33,615 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in Old National Bancorp by 35.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank's stock worth $1,969,000 after buying an additional 29,400 shares in the last quarter. Busey Bank raised its holdings in Old National Bancorp by 41.6% during the second quarter. Busey Bank now owns 38,519 shares of the bank's stock valued at $662,000 after acquiring an additional 11,316 shares during the period. Bessemer Group Inc. lifted its position in shares of Old National Bancorp by 7.0% in the first quarter. Bessemer Group Inc. now owns 725,296 shares of the bank's stock valued at $12,626,000 after acquiring an additional 47,350 shares in the last quarter. Finally, Comerica Bank raised its stake in Old National Bancorp by 11.9% during the 1st quarter. Comerica Bank now owns 299,561 shares of the bank's stock valued at $5,215,000 after purchasing an additional 31,937 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Stock Down 2.8 %

Shares of ONB stock traded down $0.60 during trading hours on Friday, reaching $21.20. 1,961,001 shares of the company's stock were exchanged, compared to its average volume of 2,060,628. Old National Bancorp has a 1 year low of $14.32 and a 1 year high of $22.75. The stock's fifty day moving average price is $19.23 and its two-hundred day moving average price is $18.29. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83. The stock has a market cap of $6.76 billion, a PE ratio of 13.21 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) 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 business had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. During the same period last year, the firm posted $0.51 earnings per share. The company's revenue was up 6.5% compared to the same quarter last year. Research analysts predict that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, September 5th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date was Thursday, September 5th. Old National Bancorp's dividend payout ratio is presently 33.94%.

Analyst Upgrades and Downgrades

ONB has been the subject of several research reports. StockNews.com lowered shares of Old National Bancorp from a "hold" rating to a "sell" rating in a research report on Tuesday, October 1st. Royal Bank of Canada lifted their price objective on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 24th. Finally, Barclays boosted their target price on Old National Bancorp from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $20.43.

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.