Prudential Financial Inc. Reduces Position in Old National Bancorp (NASDAQ:ONB)

Prudential Financial Inc. reduced its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 79.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,371 shares of the bank's stock after selling 121,891 shares during the quarter. Prudential Financial Inc.'s holdings in Old National Bancorp were worth $666,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. FMR LLC lifted its position in Old National Bancorp by 11.0% during the 3rd quarter. FMR LLC now owns 654,071 shares of the bank's stock worth $12,205,000 after acquiring an additional 64,735 shares during the period. HighTower Advisors LLC raised its stake in shares of Old National Bancorp by 26.5% in the third quarter. HighTower Advisors LLC now owns 14,187 shares of the bank's stock worth $267,000 after purchasing an additional 2,969 shares during the last quarter. Quantinno Capital Management LP acquired a new stake in shares of Old National Bancorp during the third quarter worth about $187,000. Stifel Financial Corp boosted its position in Old National Bancorp by 1.2% in the third quarter. Stifel Financial Corp now owns 53,594 shares of the bank's stock valued at $1,000,000 after buying an additional 648 shares during the last quarter. Finally, State Street Corp increased its holdings 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 during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on ONB. Barclays decreased their price objective on shares of Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Raymond James lowered their price target on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating on the stock in a report on Wednesday, April 2nd. Royal Bank of Canada reiterated a "sector perform" rating and set a $26.00 price objective (up previously from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Finally, Stephens restated an "overweight" rating and issued a $27.00 target price on shares of Old National Bancorp in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $25.71.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB traded up $0.37 during trading on Friday, reaching $18.68. 3,269,974 shares of the company's stock traded hands, compared to its average volume of 2,404,859. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.84. 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 50-day simple moving average of $21.74 and a 200-day simple moving average of $21.42. The firm has a market cap of $5.96 billion, a PE ratio of 11.12 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. Old National Bancorp had a return on equity of 10.13% and a net margin of 18.24%. During the same period last year, the company earned $0.46 EPS. As a group, analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp's dividend payout ratio is presently 33.33%.

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.