Pettinga Financial Advisors LLC Has $1.72 Million Position in Old National Bancorp $ONB

Pettinga Financial Advisors LLC cut its holdings in Old National Bancorp (NASDAQ:ONB) by 25.2% in the second quarter, Holdings Channel.com reports. The fund owned 66,326 shares of the bank’s stock after selling 22,357 shares during the quarter. Pettinga Financial Advisors LLC’s holdings in Old National Bancorp were worth $1,718,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ONB. Kemnay Advisory Services Inc. bought a new position in shares of Old National Bancorp during the 4th quarter valued at $27,000. Flagship Harbor Advisors LLC bought a new stake in Old National Bancorp in the fourth quarter worth $28,000. Los Angeles Capital Management LLC bought a new stake in Old National Bancorp in the fourth quarter worth $36,000. Peterson Wealth Services increased its position in Old National Bancorp by 9,711.8% during the fourth quarter. Peterson Wealth Services now owns 1,668 shares of the bank’s stock worth $37,000 after buying an additional 1,651 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in Old National Bancorp during the second quarter valued at about $49,000. 83.66% of the stock is owned by institutional investors.

Old National Bancorp Stock Performance

Shares of NASDAQ:ONB opened at $26.56 on Monday. The company has a market cap of $10.16 billion, a P/E ratio of 11.80 and a beta of 0.84. The stock’s 50-day moving average is $25.71 and its 200-day moving average is $24.30. Old National Bancorp has a 52-week low of $19.39 and a 52-week high of $27.36. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 0.94.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. Old National Bancorp had a return on equity of 11.80% and a net margin of 21.60%.The business had revenue of $726.86 million during the quarter, compared to analysts’ expectations of $716.25 million. During the same quarter in the previous year, the firm earned $0.53 EPS. The firm’s revenue was up 13.2% compared to the same quarter last year. Equities research analysts predict that Old National Bancorp will post 2.6 earnings per share for the current year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were issued a dividend of $0.145 per share. The ex-dividend date was Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.2%. Old National Bancorp’s payout ratio is 25.78%.

Insider Activity at Old National Bancorp

In other news, CEO Chady M. Alahmar sold 11,771 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $26.41, for a total value of $310,872.11. Following the completion of the sale, the chief executive officer directly owned 63,531 shares of the company’s stock, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nicholas J. Chulos sold 20,000 shares of the business’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total transaction of $533,200.00. Following the transaction, the insider directly owned 53,544 shares in the company, valued at $1,427,483.04. This trade represents a 27.19% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ONB has been the subject of several recent analyst reports. Citigroup upped their price target on Old National Bancorp from $29.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. TD Cowen raised their price objective on Old National Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Royal Bank Of Canada upped their target price on Old National Bancorp from $28.00 to $29.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 23rd. Keefe, Bruyette & Woods increased their price target on Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Finally, UBS Group began coverage on shares of Old National Bancorp in a research report on Tuesday, July 7th. They issued a “buy” rating and a $32.00 price target on the stock. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $29.36.

Old National Bancorp Profile

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.