MetLife Investment Management LLC Sells 3,574 Shares of Old National Bancorp (NASDAQ:ONB)

MetLife Investment Management LLC cut its stake in Old National Bancorp (NASDAQ:ONB) by 1.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 338,473 shares of the bank’s stock after selling 3,574 shares during the period. MetLife Investment Management LLC owned about 0.11% of Old National Bancorp worth $6,316,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Studio Investment Management LLC raised its position in Old National Bancorp by 2.6% during the 3rd quarter. Studio Investment Management LLC now owns 20,803 shares of the bank’s stock valued at $388,000 after purchasing an additional 524 shares in the last quarter. CWM LLC lifted its stake in Old National Bancorp by 0.7% in the third quarter. CWM LLC now owns 87,365 shares of the bank’s stock worth $1,630,000 after acquiring an additional 591 shares during the period. Forum Financial Management LP grew its holdings in Old National Bancorp by 3.9% during the 2nd quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock worth $346,000 after acquiring an additional 748 shares in the last quarter. GAMMA Investing LLC increased its position in Old National Bancorp by 194.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,005 shares during the period. Finally, Securian Asset Management Inc. raised its holdings in shares of Old National Bancorp by 4.6% in the 2nd quarter. Securian Asset Management Inc. now owns 25,186 shares of the bank’s stock valued at $433,000 after purchasing an additional 1,119 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Trading Up 0.1 %

Shares of Old National Bancorp stock opened at $23.16 on Friday. The firm’s 50 day simple moving average is $19.95 and its two-hundred day simple moving average is $18.67. The firm has a market capitalization of $7.39 billion, a price-to-earnings ratio of 14.04 and a beta of 0.82. Old National Bancorp has a 12-month low of $14.63 and a 12-month high of $23.76. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.83.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. The company had revenue of $485.86 million during the quarter, compared to analysts’ expectations of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 EPS. Analysts predict that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, December 5th will be given a $0.14 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.42%. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Royal Bank of Canada boosted their price target on Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 26th. Barclays raised their price objective on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Piper Sandler reiterated an “overweight” rating and issued a $27.00 target price (up from $23.00) on shares of Old National Bancorp in a report on Tuesday, November 26th. Finally, StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday, November 25th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.44.

Old National Bancorp Company 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.