California Public Employees Retirement System Trims Stock Holdings in Old National Bancorp (NASDAQ:ONB)

California Public Employees Retirement System trimmed its position in Old National Bancorp (NASDAQ:ONB) by 4.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 504,227 shares of the bank’s stock after selling 24,655 shares during the period. California Public Employees Retirement System’s holdings in Old National Bancorp were worth $8,516,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ONB. Handelsbanken Fonder AB grew its stake in Old National Bancorp by 4.5% in the third quarter. Handelsbanken Fonder AB now owns 51,159 shares of the bank’s stock worth $744,000 after purchasing an additional 2,200 shares during the period. Raymond James & Associates grew its stake in shares of Old National Bancorp by 7.1% in the third quarter. Raymond James & Associates now owns 299,281 shares of the bank’s stock worth $4,352,000 after acquiring an additional 19,903 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Old National Bancorp by 24.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,818 shares of the bank’s stock worth $812,000 after acquiring an additional 11,074 shares during the last quarter. AlphaMark Advisors LLC purchased a new stake in shares of Old National Bancorp in the third quarter worth $228,000. Finally, Teacher Retirement System of Texas grew its stake in shares of Old National Bancorp by 54.6% in the third quarter. Teacher Retirement System of Texas now owns 129,800 shares of the bank’s stock worth $1,887,000 after acquiring an additional 45,863 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Trading Up 1.6 %

Old National Bancorp stock opened at $17.03 on Friday. Old National Bancorp has a one year low of $11.66 and a one year high of $17.64. The business’s fifty day moving average is $16.49 and its 200 day moving average is $15.99. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $5.00 billion, a PE ratio of 9.21 and a beta of 0.83.

Old National Bancorp (NASDAQ:ONB) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. Old National Bancorp had a return on equity of 16.06% and a net margin of 20.99%. The company had revenue of $440.20 million for the quarter, compared to the consensus estimate of $440.00 million. During the same quarter in the prior year, the company earned $0.54 earnings per share. Old National Bancorp’s revenue was down 3.8% on a year-over-year basis. On average, sell-side analysts predict that Old National Bancorp will post 1.83 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date was Monday, March 4th. Old National Bancorp’s dividend payout ratio is 30.27%.

Insider Buying and Selling at Old National Bancorp

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

Analyst Ratings Changes

A number of research firms have recently commented on ONB. Barclays increased their target price on Old National Bancorp from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 9th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Friday. Stephens cut their target price on Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Finally, UBS Group dropped their price objective on Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.