Old National Bancorp (NASDAQ:ONB) Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc decreased its stake in shares of Old National Bancorp (NASDAQ:ONB) by 69.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,446 shares of the bank’s stock after selling 10,115 shares during the period. Pinnacle Financial Partners Inc’s holdings in Old National Bancorp were worth $97,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. State Street Corp increased its position in Old National Bancorp by 0.3% during the third quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock worth $275,941,000 after purchasing an additional 42,723 shares during the last quarter. Geode Capital Management LLC grew its stake in 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 buying an additional 514,315 shares during the period. Victory Capital Management Inc. grew its stake 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 worth $134,820,000 after buying an additional 4,303,071 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Old National Bancorp by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,629,864 shares of the bank’s stock worth $67,733,000 after buying an additional 78,983 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Old National Bancorp by 13.5% during the third quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank’s stock worth $65,275,000 after buying an additional 416,647 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Old National Bancorp Price Performance

Shares of ONB stock opened at $23.46 on Monday. The company has a market capitalization of $7.48 billion, a PE ratio of 13.96 and a beta of 0.88. The firm has a fifty day simple moving average of $22.73 and a 200-day simple moving average of $20.89. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. Old National Bancorp has a twelve month low of $15.38 and a twelve month high of $24.49.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same quarter in the prior year, the business posted $0.46 EPS. Equities research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Wednesday, March 5th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.39%. Old National Bancorp’s dividend payout ratio (DPR) is 33.33%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ONB shares. Raymond James reiterated a “strong-buy” rating and set a $29.00 price objective (up from $28.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $26.00 price objective (up from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Piper Sandler reiterated an “overweight” rating and set a $27.00 price objective (up from $23.00) on shares of Old National Bancorp in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods upped their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. Finally, StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.29.

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.