Mairs & Power Inc. Decreases Position in Old National Bancorp $ONB

Mairs & Power Inc. lessened its stake in Old National Bancorp (NASDAQ:ONB) by 13.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 637,125 shares of the bank’s stock after selling 103,000 shares during the quarter. Mairs & Power Inc.’s holdings in Old National Bancorp were worth $13,985,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. MAI Capital Management increased its position in Old National Bancorp by 156.8% in the third quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock worth $25,000 after buying an additional 704 shares during the last quarter. Covestor Ltd grew its stake in shares of Old National Bancorp by 157.0% during the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock worth $27,000 after acquiring an additional 755 shares during the period. Rothschild Investment LLC grew its stake in shares of Old National Bancorp by 72.3% during the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock worth $28,000 after acquiring an additional 535 shares during the period. First Horizon Corp purchased a new stake in Old National Bancorp in the 3rd quarter worth about $39,000. Finally, EverSource Wealth Advisors LLC raised its stake in Old National Bancorp by 794.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,568 shares of the bank’s stock valued at $76,000 after acquiring an additional 3,169 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling at Old National Bancorp

In other news, insider Nicholas J. Chulos sold 30,000 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $25.05, for a total value of $751,500.00. Following the transaction, the insider owned 20,438 shares of the company’s stock, valued at approximately $511,971.90. This represents a 59.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.87% of the company’s stock.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $21.51 on Tuesday. The company’s 50-day moving average price is $23.80 and its 200-day moving average price is $22.52. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.86. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $26.17. The company has a market cap of $8.38 billion, a price-to-earnings ratio of 12.02 and a beta of 0.84.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings data on Wednesday, January 21st. The bank reported $0.62 EPS for the quarter, beating the consensus estimate of $0.59 by $0.03. The company had revenue of $698.53 million during the quarter, compared to analysts’ expectations of $705.62 million. Old National Bancorp had a net margin of 17.91% and a return on equity of 10.75%. During the same quarter in the previous year, the company earned $0.49 earnings per share. On average, equities analysts expect that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, May 16th. Stockholders of record on Tuesday, May 5th will be given a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, May 5th. Old National Bancorp’s payout ratio is 32.40%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ONB. UBS Group reiterated a “neutral” rating and set a $26.00 target price on shares of Old National Bancorp in a research report on Wednesday, February 4th. TD Cowen raised shares of Old National Bancorp from a “hold” rating to a “buy” rating and boosted their price target for the company from $27.00 to $30.00 in a research report on Thursday, January 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Old National Bancorp in a research note on Monday, December 29th. Citigroup lifted their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Finally, National Bank Financial set a $30.00 target price on shares of Old National Bancorp in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Old National Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $27.45.

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.