State Board of Administration of Florida Retirement System Sells 74,830 Shares of Old National Bancorp (NASDAQ:ONB)

State Board of Administration of Florida Retirement System trimmed its holdings in Old National Bancorp (NASDAQ:ONB – Get Rating) by 39.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 113,082 shares of the bank’s stock after selling 74,830 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Old National Bancorp were worth $2,033,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LPL Financial LLC raised its holdings in Old National Bancorp by 1.7% during the 4th quarter. LPL Financial LLC now owns 82,630 shares of the bank’s stock valued at $1,486,000 after buying an additional 1,417 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Old National Bancorp by 1.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 87,497 shares of the bank’s stock valued at $1,573,000 after purchasing an additional 1,459 shares during the period. Column Capital Advisors LLC increased its position in Old National Bancorp by 11.4% during the 4th quarter. Column Capital Advisors LLC now owns 76,530 shares of the bank’s stock valued at $1,376,000 after purchasing an additional 7,812 shares during the period. Retirement Systems of Alabama increased its position in Old National Bancorp by 0.7% during the 4th quarter. Retirement Systems of Alabama now owns 386,036 shares of the bank’s stock valued at $6,941,000 after purchasing an additional 2,586 shares during the period. Finally, Pacer Advisors Inc. purchased a new position in Old National Bancorp during the 4th quarter valued at $1,213,000. 76.41% of the stock is currently owned by institutional investors.

Old National Bancorp Stock Up 0.9 %

NASDAQ:ONB opened at $12.21 on Friday. The firm’s 50-day moving average price is $14.00 and its 200-day moving average price is $16.72. The company has a market capitalization of $3.57 billion, a PE ratio of 6.07 and a beta of 0.81. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.90 and a quick ratio of 0.90. Old National Bancorp has a 1-year low of $11.66 and a 1-year high of $20.19.

Old National Bancorp (NASDAQ:ONB – Get Rating) last announced its quarterly earnings data on Tuesday, April 25th. The bank reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. Old National Bancorp had a net margin of 28.42% and a return on equity of 12.73%. The company had revenue of $457.84 million for the quarter, compared to the consensus estimate of $456.00 million. During the same period in the prior year, the firm posted $0.40 EPS. Old National Bancorp’s revenue for the quarter was up 56.9% on a year-over-year basis. On average, equities analysts predict that Old National Bancorp will post 2.06 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend is Wednesday, May 31st. Old National Bancorp’s dividend payout ratio (DPR) is 27.86%.

Analyst Ratings Changes

A number of research analysts have issued reports on ONB shares. UBS Group started coverage on shares of Old National Bancorp in a research report on Wednesday, March 15th. They set a “neutral” rating and a $16.00 price objective on the stock. StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, April 3rd. TheStreet downgraded shares of Old National Bancorp from a “b-” rating to a “c+” rating in a research report on Friday, May 5th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Old National Bancorp from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Thursday, April 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $20.00.

Insider Activity at Old National Bancorp

In other news, EVP John V. Moran acquired 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 9th. The shares were bought at an average cost of $19.85 per share, with a total value of $49,625.00. Following the transaction, the executive vice president now owns 2,500 shares of the company’s stock, valued at approximately $49,625. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP John V. Moran bought 2,500 shares of the stock in a transaction on Tuesday, May 9th. The shares were acquired at an average price of $19.85 per share, for a total transaction of $49,625.00. Following the purchase, the executive vice president now owns 2,500 shares of the company’s stock, valued at $49,625. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO James C. Ryan III bought 8,200 shares of the stock in a transaction on Thursday, May 4th. The shares were bought at an average price of $12.22 per share, for a total transaction of $100,204.00. Following the purchase, the chief executive officer now directly owns 625,066 shares in the company, valued at approximately $7,638,306.52. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 23,200 shares of company stock valued at $317,679 and have sold 84,308 shares valued at $1,510,217. 0.89% of the stock is currently owned by insiders.

Old National Bancorp Profile

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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.