Sapient Capital LLC Reduces Position in Old National Bancorp (NASDAQ:ONB)

Sapient Capital LLC lessened its stake in shares of Old National Bancorp (NASDAQ:ONB) by 20.9% in the first quarter, HoldingsChannel.com reports. The firm owned 35,232 shares of the bank’s stock after selling 9,301 shares during the quarter. Sapient Capital LLC’s holdings in Old National Bancorp were worth $613,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Rise Advisors LLC purchased a new stake in Old National Bancorp in the first quarter worth $28,000. Parkside Financial Bank & Trust lifted its stake in Old National Bancorp by 57.2% in the third quarter. Parkside Financial Bank & Trust now owns 2,608 shares of the bank’s stock worth $38,000 after acquiring an additional 949 shares during the period. Quadrant Capital Group LLC lifted its stake in Old National Bancorp by 14.5% in the fourth quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after acquiring an additional 1,020 shares during the period. Legacy Wealth Asset Management LLC purchased a new stake in Old National Bancorp in the fourth quarter worth $181,000. Finally, Trust Point Inc. purchased a new stake in Old National Bancorp in the fourth quarter worth $189,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Activity

In other news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $16.28, for a total transaction of $803,825.00. Following the transaction, the chief financial officer now directly owns 88,712 shares of the company’s stock, valued at approximately $1,444,231.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.07% of the company’s stock.

Old National Bancorp Stock Performance

NASDAQ:ONB traded down $0.16 on Tuesday, hitting $16.54. The stock had a trading volume of 2,730,356 shares, compared to its average volume of 2,195,280. The stock has a market cap of $4.85 billion, a price-to-earnings ratio of 8.94 and a beta of 0.83. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.95. The business’s 50-day simple moving average is $16.48 and its two-hundred day simple moving average is $15.96. Old National Bancorp has a 52-week low of $11.66 and a 52-week high of $17.64.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.02. The business had revenue of $440.20 million for the quarter, compared to analysts’ expectations of $440.00 million. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same period last year, the firm posted $0.54 earnings per share. As a group, research analysts predict that Old National Bancorp will post 1.83 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.39%. Old National Bancorp’s payout ratio is currently 30.27%.

Analysts Set New Price Targets

A number of research firms have issued reports on ONB. Barclays increased their price objective on Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, April 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 9th. StockNews.com upgraded Old National Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, April 25th. UBS Group decreased their price objective on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating for the company in a report on Wednesday, January 24th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $20.00 price objective on shares of Old National Bancorp in a report on Tuesday, April 2nd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Old National Bancorp currently has an average rating of “Moderate Buy” and a consensus target price 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.