Private Management Group Inc. Has $12.99 Million Stake in Old National Bancorp $ONB

Private Management Group Inc. reduced its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 5.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 501,652 shares of the bank’s stock after selling 26,500 shares during the quarter. Private Management Group Inc.’s holdings in Old National Bancorp were worth $12,993,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Royal Bank of Canada boosted its position in Old National Bancorp by 2.0% during the first quarter. Royal Bank of Canada now owns 214,065 shares of the bank’s stock worth $4,536,000 after purchasing an additional 4,153 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of Old National Bancorp by 87.8% in the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank’s stock valued at $269,000 after purchasing an additional 5,936 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Old National Bancorp by 8.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank’s stock valued at $60,263,000 after purchasing an additional 215,203 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Old National Bancorp by 7.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank’s stock worth $19,349,000 after buying an additional 64,110 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Old National Bancorp by 6.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank’s stock worth $1,149,000 after buying an additional 3,091 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ONB has been the topic of a number of research reports. TD Cowen upped their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Barclays boosted their price objective on Old National Bancorp from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. UBS Group initiated coverage on Old National Bancorp in a research report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 target price on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Old National Bancorp in a research note on Thursday, June 4th. Finally, Raymond James Financial initiated coverage on Old National Bancorp in a report on Tuesday, July 7th. They set a “market perform” rating for the company. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Old National Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $29.36.

Insider Buying and Selling

In related news, CEO Chady M. Alahmar sold 11,771 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total transaction of $310,872.11. Following the sale, the chief executive officer owned 63,531 shares of the company’s stock, valued at $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Nicholas J. Chulos sold 20,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the transaction, the insider owned 53,544 shares in the company, valued at approximately $1,427,483.04. This trade represents a 27.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is currently owned by insiders.

Old National Bancorp Stock Performance

ONB stock opened at $25.85 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94. The company’s 50-day simple moving average is $26.31 and its 200 day simple moving average is $24.49. Old National Bancorp has a 52 week low of $19.39 and a 52 week high of $27.36. The company has a market capitalization of $9.89 billion, a PE ratio of 11.49 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. The business had revenue of $726.86 million during the quarter, compared to analysts’ expectations of $716.25 million. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The business’s revenue was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.53 EPS. As a group, sell-side analysts anticipate that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be issued a dividend of $0.145 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.58 annualized dividend and a dividend yield of 2.2%. Old National Bancorp’s dividend payout ratio (DPR) is currently 25.78%.

Old National Bancorp Company Profile

Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.