Commonwealth Equity Services LLC Cuts Stock Holdings in Old National Bancorp (NASDAQ:ONB)

Commonwealth Equity Services LLC decreased its holdings in shares of Old National Bancorp (NASDAQ:ONB – Get Rating) by 13.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 110,521 shares of the bank’s stock after selling 17,895 shares during the period. Commonwealth Equity Services LLC’s holdings in Old National Bancorp were worth $1,820,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Raymond James & Associates boosted its position in shares of Old National Bancorp by 579.7% in the first quarter. Raymond James & Associates now owns 107,774 shares of the bank’s stock worth $1,765,000 after buying an additional 91,918 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Old National Bancorp by 16.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 36,494 shares of the bank’s stock valued at $598,000 after purchasing an additional 5,032 shares during the period. US Bancorp DE increased its stake in Old National Bancorp by 420.6% during the 1st quarter. US Bancorp DE now owns 42,408 shares of the bank’s stock worth $696,000 after buying an additional 34,262 shares during the period. Cetera Advisor Networks LLC boosted its position in Old National Bancorp by 34.5% in the 1st quarter. Cetera Advisor Networks LLC now owns 14,433 shares of the bank’s stock valued at $236,000 after buying an additional 3,701 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Old National Bancorp by 97.7% during the first quarter. Rhumbline Advisers now owns 953,125 shares of the bank’s stock worth $15,612,000 after acquiring an additional 470,904 shares during the last quarter. 76.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, January 25th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $21.67.

Insider Transactions at Old National Bancorp

In related news, Chairman Michael L. Scudder sold 9,308 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $17.75, for a total transaction of $165,217.00. Following the transaction, the chairman now owns 204,297 shares in the company, valued at $3,626,271.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman Michael L. Scudder sold 50,000 shares of Old National Bancorp stock in a transaction that occurred on Thursday, February 16th. The shares were sold at an average price of $17.90, for a total value of $895,000.00. Following the transaction, the chairman now owns 290,796 shares of the company’s stock, valued at approximately $5,205,248.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Michael L. Scudder sold 9,308 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $17.75, for a total transaction of $165,217.00. Following the sale, the chairman now owns 204,297 shares of the company’s stock, valued at $3,626,271.75. The disclosure for this sale can be found here. In the last three months, insiders sold 84,308 shares of company stock valued at $1,510,217. Company insiders own 0.70% of the company’s stock.

Old National Bancorp Stock Performance

Shares of ONB stock opened at $15.32 on Tuesday. Old National Bancorp has a 12-month low of $14.22 and a 12-month high of $20.19. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 11.02 and a beta of 0.84. The business has a 50 day simple moving average of $17.69 and a 200 day simple moving average of $17.84.

Old National Bancorp (NASDAQ:ONB – Get Rating) last released its quarterly earnings results on Tuesday, January 24th. The bank reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.01). Old National Bancorp had a return on equity of 11.30% and a net margin of 23.10%. The business had revenue of $622.86 million during the quarter, compared to the consensus estimate of $471.30 million. During the same period in the previous year, the company posted $0.34 EPS. On average, equities research analysts anticipate that Old National Bancorp will post 2.16 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Tuesday, February 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.66%. Old National Bancorp’s dividend payout ratio (DPR) is 40.29%.

About Old National Bancorp

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Old National Bancorp operates as a financial holding company. It engages in the provision of financial and banking solutions. The firm’s Community Banking segment provides commercial, real estate and consumer loans, time deposits, checking and savings accounts, cash management, brokerage, trust and investment advisory services.