Cerity Partners LLC Cuts Position in Old National Bancorp (NASDAQ:ONB)

Cerity Partners LLC decreased its holdings in Old National Bancorp (NASDAQ:ONB) by 2.5% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 61,061 shares of the bank’s stock after selling 1,591 shares during the period. Cerity Partners LLC’s holdings in Old National Bancorp were worth $1,294,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Lee Danner & Bass Inc. purchased a new stake in shares of Old National Bancorp during the fourth quarter valued at approximately $25,000. USA Financial Formulas purchased a new stake in shares of Old National Bancorp during the first quarter valued at approximately $50,000. Fifth Third Bancorp raised its stake in shares of Old National Bancorp by 21.9% during the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank’s stock valued at $82,000 after purchasing an additional 695 shares during the period. UMB Bank n.a. raised its stake in shares of Old National Bancorp by 122.3% during the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank’s stock valued at $84,000 after purchasing an additional 2,187 shares during the period. Finally, Versant Capital Management Inc raised its stake in shares of Old National Bancorp by 157.7% during the first quarter. Versant Capital Management Inc now owns 4,298 shares of the bank’s stock valued at $91,000 after purchasing an additional 2,630 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Trading Down 1.0%

Shares of NASDAQ ONB opened at $22.65 on Tuesday. The stock has a market cap of $7.24 billion, a price-to-earnings ratio of 12.30 and a beta of 0.85. The business has a 50 day simple moving average of $21.58 and a 200 day simple moving average of $21.64. Old National Bancorp has a 52 week low of $16.83 and a 52 week high of $24.49. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.92 and a current ratio of 0.92.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. Old National Bancorp had a return on equity of 9.98% and a net margin of 18.74%. The company had revenue of $486.87 million during the quarter, compared to analysts’ expectations of $478.37 million. On average, research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, June 5th were paid a $0.14 dividend. The ex-dividend date was Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.47%. Old National Bancorp’s payout ratio is 32.56%.

Analyst Upgrades and Downgrades

ONB has been the subject of a number of recent analyst reports. National Bankshares set a $24.00 price target on shares of Old National Bancorp in a research report on Tuesday, May 20th. Jefferies Financial Group initiated coverage on shares of Old National Bancorp in a report on Wednesday, May 21st. They issued a “hold” rating and a $24.00 price objective for the company. Raymond James Financial decreased their price objective on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a report on Wednesday, April 2nd. Wall Street Zen raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, April 23rd. Finally, Stephens reaffirmed an “overweight” rating and issued a $27.00 price objective on shares of Old National Bancorp in a report on Monday, April 14th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $26.30.

About Old National Bancorp

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.