AM Investment Strategies LLC Cuts Stock Position in Old National Bancorp (NASDAQ:ONB)

AM Investment Strategies LLC decreased its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 4.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 134,163 shares of the bank’s stock after selling 6,181 shares during the quarter. Old National Bancorp comprises about 0.6% of AM Investment Strategies LLC’s investment portfolio, making the stock its 24th largest position. AM Investment Strategies LLC’s holdings in Old National Bancorp were worth $2,503,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC boosted its holdings in shares of Old National Bancorp by 1,766.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after purchasing an additional 1,325 shares during the period. GAMMA Investing LLC boosted its stake in Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock worth $26,000 after buying an additional 1,005 shares during the period. HHM Wealth Advisors LLC bought a new position in Old National Bancorp during the second quarter valued at $28,000. LRI Investments LLC purchased a new stake in shares of Old National Bancorp in the first quarter valued at $48,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Old National Bancorp in the 2nd quarter worth about $103,000. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Down 0.7 %

NASDAQ ONB traded down $0.14 on Friday, reaching $19.12. 2,530,313 shares of the stock traded hands, compared to its average volume of 2,018,345. Old National Bancorp has a 12 month low of $13.66 and a 12 month high of $20.43. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.92 and a current ratio of 0.92. The company has a fifty day moving average price of $18.89 and a 200-day moving average price of $17.96. The company has a market cap of $6.10 billion, a price-to-earnings ratio of 11.59 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Old National Bancorp had a net margin of 17.93% and a return on equity of 14.38%. The company had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. During the same period in the prior year, the firm earned $0.51 earnings per share. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, research analysts forecast that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were issued a dividend of $0.14 per share. The ex-dividend date was Thursday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.93%. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ONB shares. Royal Bank of Canada increased 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 report on Wednesday, July 24th. Barclays increased their price target on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Finally, StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.43.

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.