Equitable Trust Co. Sells 69,690 Shares of Old National Bancorp (NASDAQ:ONB)

Equitable Trust Co. lessened its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 13.8% in the third quarter, Holdings Channel.com reports. The fund owned 435,307 shares of the bank’s stock after selling 69,690 shares during the period. Equitable Trust Co.’s holdings in Old National Bancorp were worth $8,123,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ONB. Wealth Enhancement Advisory Services LLC grew its stake in shares of Old National Bancorp by 188.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 51,458 shares of the bank’s stock worth $885,000 after acquiring an additional 33,615 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Old National Bancorp by 35.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 113,082 shares of the bank’s stock worth $1,969,000 after acquiring an additional 29,400 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in shares of Old National Bancorp by 27.9% during the first quarter. First Eagle Investment Management LLC now owns 446,698 shares of the bank’s stock valued at $7,777,000 after purchasing an additional 97,350 shares in the last quarter. Busey Bank lifted its holdings in shares of Old National Bancorp by 41.6% during the second quarter. Busey Bank now owns 38,519 shares of the bank’s stock valued at $662,000 after purchasing an additional 11,316 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of Old National Bancorp by 7.0% during the first quarter. Bessemer Group Inc. now owns 725,296 shares of the bank’s stock valued at $12,626,000 after purchasing an additional 47,350 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

NASDAQ ONB opened at $21.85 on Friday. The stock has a market capitalization of $6.97 billion, a PE ratio of 13.24 and a beta of 0.82. The business has a 50 day simple moving average of $19.00 and a two-hundred day simple moving average of $18.13. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. Old National Bancorp has a 1-year low of $13.67 and a 1-year high of $22.19.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The business had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the company earned $0.51 EPS. On average, research analysts predict that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend was Thursday, September 5th. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ONB. Royal Bank of Canada upped their price target on Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. StockNews.com downgraded Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Finally, Barclays increased their target price on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.