Old National Bancorp $ONB Stock Position Reduced by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its stake in shares of Old National Bancorp (NASDAQ:ONB) by 1.0% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,771,813 shares of the bank’s stock after selling 28,119 shares during the period. Thrivent Financial for Lutherans owned about 0.71% of Old National Bancorp worth $61,839,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Carlson Capital L.P. grew its position in Old National Bancorp by 1.1% during the fourth quarter. Carlson Capital L.P. now owns 38,000 shares of the bank’s stock valued at $848,000 after purchasing an additional 400 shares in the last quarter. Rothschild Investment LLC grew its position in Old National Bancorp by 72.3% during the third quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock valued at $28,000 after purchasing an additional 535 shares in the last quarter. Glenmede Investment Management LP grew its position in Old National Bancorp by 1.0% during the third quarter. Glenmede Investment Management LP now owns 62,048 shares of the bank’s stock valued at $1,362,000 after purchasing an additional 625 shares in the last quarter. Connable Office Inc. grew its position in Old National Bancorp by 2.9% during the third quarter. Connable Office Inc. now owns 22,191 shares of the bank’s stock valued at $487,000 after purchasing an additional 635 shares in the last quarter. Finally, Quantum Portfolio Management LLC grew its position in Old National Bancorp by 4.5% during the third quarter. Quantum Portfolio Management LLC now owns 16,058 shares of the bank’s stock valued at $352,000 after purchasing an additional 690 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Trading Down 1.3%

Shares of ONB stock opened at $23.29 on Friday. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $26.17. The stock has a market cap of $9.00 billion, a price-to-earnings ratio of 12.01 and a beta of 0.85. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a fifty day moving average of $22.87 and a 200-day moving average of $22.85.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The company had revenue of $702.70 million during the quarter, compared to analysts’ expectations of $706.62 million. During the same quarter in the prior year, the company posted $0.45 EPS. The business’s revenue was up 44.4% on a year-over-year basis. On average, equities research analysts forecast that Old National Bancorp will post 2.58 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, June 5th will be paid a $0.145 dividend. The ex-dividend date is Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.5%. Old National Bancorp’s dividend payout ratio is currently 29.90%.

Analysts Set New Price Targets

Several research firms have commented on ONB. Jefferies Financial Group boosted their target price on shares of Old National Bancorp from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Wednesday, April 22nd. National Bank Financial set a $30.00 target price on shares of Old National Bancorp in a research report on Thursday, January 22nd. Royal Bank Of Canada boosted their target price on shares of Old National Bancorp from $25.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 22nd. Citigroup upped their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Finally, UBS Group reaffirmed a “neutral” rating and set a $26.00 price objective on shares of Old National Bancorp in a report on Wednesday, February 4th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and an average target price of $27.91.

About Old National Bancorp

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.