Connable Office Inc. Sells 4,668 Shares of Old National Bancorp (NASDAQ:ONB)

Connable Office Inc. lowered its position in Old National Bancorp (NASDAQ:ONB) by 15.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,625 shares of the bank’s stock after selling 4,668 shares during the period. Connable Office Inc.’s holdings in Old National Bancorp were worth $478,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in shares of Old National Bancorp by 12.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock worth $289,481,000 after purchasing an additional 1,896,748 shares in the last quarter. American Century Companies Inc. boosted its holdings in Old National Bancorp by 3.2% in the second quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock worth $242,795,000 after acquiring an additional 441,887 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Old National Bancorp by 147.3% in the third quarter. Victory Capital Management Inc. now owns 7,225,093 shares of the bank’s stock worth $134,820,000 after acquiring an additional 4,303,071 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Old National Bancorp by 6.1% during the second quarter. Bank of New York Mellon Corp now owns 3,544,124 shares of the bank’s stock valued at $60,923,000 after acquiring an additional 203,088 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC raised its position in shares of Old National Bancorp by 0.8% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 3,305,752 shares of the bank’s stock worth $57,553,000 after purchasing an additional 25,519 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ONB. StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 1st. Royal Bank of Canada upped their target price on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 24th. Finally, Barclays boosted their price objective on shares of Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Old National Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.43.

Old National Bancorp Stock Performance

ONB stock opened at $21.80 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. Old National Bancorp has a 1 year low of $14.32 and a 1 year high of $22.75. The company has a market cap of $6.95 billion, a P/E ratio of 13.21 and a beta of 0.82. The stock’s fifty day moving average price is $19.23 and its 200-day moving average price is $18.29.

Old National Bancorp (NASDAQ:ONB) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business had revenue of $485.86 million for the quarter, compared to analysts’ expectations of $482.20 million. During the same period last year, the firm posted $0.51 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, equities analysts forecast that Old National Bancorp will post 1.84 earnings per share for the current year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend was Thursday, September 5th. Old National Bancorp’s dividend payout ratio is presently 33.94%.

Old National Bancorp Company 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.