New Mexico Educational Retirement Board grew its position in Old National Bancorp (NASDAQ:ONB – Free Report) by 12.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,800 shares of the bank’s stock after acquiring an additional 6,800 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Old National Bancorp were worth $834,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its position in Old National Bancorp by 6.3% during the fourth quarter. Bank of America Corp DE now owns 2,576,395 shares of the bank’s stock worth $46,324,000 after buying an additional 151,895 shares in the last quarter. Macquarie Group Ltd. lifted its position in Old National Bancorp by 2.5% during the first quarter. Macquarie Group Ltd. now owns 5,126,362 shares of the bank’s stock worth $73,922,000 after buying an additional 123,377 shares in the last quarter. Texas Permanent School Fund Corp increased its stake in Old National Bancorp by 32.4% during the first quarter. Texas Permanent School Fund Corp now owns 260,733 shares of the bank’s stock worth $3,760,000 after acquiring an additional 63,825 shares during the last quarter. Fisher Asset Management LLC increased its stake in Old National Bancorp by 1.3% during the first quarter. Fisher Asset Management LLC now owns 488,427 shares of the bank’s stock worth $7,043,000 after acquiring an additional 6,172 shares during the last quarter. Finally, Guggenheim Capital LLC increased its stake in Old National Bancorp by 13.1% during the first quarter. Guggenheim Capital LLC now owns 373,209 shares of the bank’s stock worth $5,382,000 after acquiring an additional 43,100 shares during the last quarter. Hedge funds and other institutional investors own 81.53% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts have issued reports on the company. StockNews.com assumed coverage on Old National Bancorp in a research note on Saturday, August 19th. They set a “sell” rating for the company. UBS Group raised Old National Bancorp from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $14.50 to $15.50 in a research note on Monday, July 10th. Stephens lifted their price objective on Old National Bancorp from $17.00 to $18.00 in a research note on Wednesday, July 26th. Finally, TheStreet raised Old National Bancorp from a “c+” rating to a “b” rating in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $18.38.
Old National Bancorp Price Performance
Shares of NASDAQ ONB opened at $14.26 on Tuesday. The stock’s 50-day moving average is $15.67 and its two-hundred day moving average is $14.39. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.90 and a quick ratio of 0.90. Old National Bancorp has a 1-year low of $11.66 and a 1-year high of $20.19. The company has a market cap of $4.17 billion, a price-to-earnings ratio of 6.63 and a beta of 0.87.
Old National Bancorp (NASDAQ:ONB – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The bank reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.04. Old National Bancorp had a return on equity of 13.04% and a net margin of 27.90%. The company had revenue of $626.53 million for the quarter, compared to the consensus estimate of $447.53 million. During the same quarter in the prior year, the business earned $0.46 EPS. Analysts forecast that Old National Bancorp will post 2.05 EPS for the current fiscal year.
Old National Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $0.56 annualized dividend and a dividend yield of 3.93%. Old National Bancorp’s dividend payout ratio is currently 26.05%.
Insider Transactions at Old National Bancorp
In other news, Chairman Michael L. Scudder sold 50,000 shares of the company’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $16.81, for a total transaction of $840,500.00. Following the completion of the transaction, the chairman now directly owns 215,796 shares of the company’s stock, valued at approximately $3,627,530.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.89% of the company’s stock.
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.
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