Private Management Group Inc. Sells 653,303 Shares of Old National Bancorp (NASDAQ:ONB)

Private Management Group Inc. lessened its holdings in Old National Bancorp (NASDAQ:ONB - Free Report) by 45.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 782,561 shares of the bank's stock after selling 653,303 shares during the period. Private Management Group Inc. owned about 0.25% of Old National Bancorp worth $16,985,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. State Street Corp lifted its position in Old National Bancorp by 0.3% in the 3rd quarter. State Street Corp now owns 14,787,843 shares of the bank's stock worth $275,941,000 after buying an additional 42,723 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank's stock worth $155,502,000 after acquiring an additional 514,315 shares in the last quarter. Victory Capital Management Inc. boosted its position in Old National Bancorp by 147.3% during the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank's stock valued at $134,820,000 after purchasing an additional 4,303,071 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Old National Bancorp by 2.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,629,864 shares of the bank's stock valued at $67,733,000 after purchasing an additional 78,983 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Old National Bancorp by 13.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank's stock worth $65,275,000 after purchasing an additional 416,647 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ONB. Royal Bank of Canada reiterated a "sector perform" rating and set a $26.00 price target (up from $24.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. 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 note on Tuesday, November 26th. StockNews.com cut shares of Old National Bancorp from a "hold" rating to a "sell" rating in a report on Tuesday, December 3rd. Barclays raised their target price on Old National Bancorp from $26.00 to $27.00 and gave the company an "overweight" rating in a report on Friday, December 20th. Finally, Stephens reiterated an "overweight" rating and set a $27.00 price target on shares of Old National Bancorp in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.29.

Old National Bancorp Stock Performance

NASDAQ ONB traded down $0.14 during midday trading on Friday, hitting $24.31. The company had a trading volume of 3,726,222 shares, compared to its average volume of 3,329,477. The firm has a fifty day simple moving average of $22.53 and a two-hundred day simple moving average of $20.55. Old National Bancorp has a fifty-two week low of $15.36 and a fifty-two week high of $24.49. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.83. The stock has a market cap of $7.75 billion, a price-to-earnings ratio of 14.47 and a beta of 0.88.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates 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 quarter in the prior year, the firm earned $0.46 EPS. Equities analysts forecast that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, December 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date was Thursday, December 5th. Old National Bancorp's dividend payout ratio is presently 33.33%.

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.