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

AM Investment Strategies LLC cut its position in shares of Old National Bancorp (NASDAQ:ONB) by 1.4% during the 4th quarter, Holdings Channel reports. The firm owned 75,615 shares of the bank’s stock after selling 1,049 shares during the quarter. AM Investment Strategies LLC’s holdings in Old National Bancorp were worth $1,277,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ONB. State of New Jersey Common Pension Fund D raised its position in Old National Bancorp by 5.4% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 171,876 shares of the bank’s stock worth $2,903,000 after acquiring an additional 8,796 shares during the period. Bailard Inc. raised its position in Old National Bancorp by 47.0% in the fourth quarter. Bailard Inc. now owns 34,700 shares of the bank’s stock worth $586,000 after acquiring an additional 11,100 shares during the period. Private Management Group Inc. raised its position in Old National Bancorp by 0.4% in the fourth quarter. Private Management Group Inc. now owns 1,780,919 shares of the bank’s stock worth $30,080,000 after acquiring an additional 6,626 shares during the period. Parkside Financial Bank & Trust raised its position in Old National Bancorp by 24.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after acquiring an additional 650 shares during the period. Finally, New York State Common Retirement Fund raised its position in Old National Bancorp by 31.5% in the fourth quarter. New York State Common Retirement Fund now owns 1,191,832 shares of the bank’s stock worth $20,130,000 after acquiring an additional 285,603 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Old National Bancorp Price Performance

NASDAQ:ONB traded up $0.07 during mid-day trading on Thursday, hitting $16.66. 2,389,936 shares of the stock traded hands, compared to its average volume of 2,196,934. The business’s 50-day moving average price is $16.47 and its 200 day moving average price is $15.91. The company has a market cap of $4.89 billion, a PE ratio of 9.01 and a beta of 0.83. Old National Bancorp has a 12-month low of $11.66 and a 12-month high of $17.64. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. The company had revenue of $440.20 million during the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a net margin of 20.99% and a return on equity of 16.06%. Old National Bancorp’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.54 earnings per share. On average, analysts expect that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.56 annualized dividend and a yield of 3.36%. Old National Bancorp’s dividend payout ratio is currently 30.27%.

Analysts Set New Price Targets

ONB has been the topic of several research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 9th. StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday. Barclays lifted their price objective on shares of Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Finally, UBS Group lowered their price target on shares of Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday, January 24th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.86.

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.