Phocas Financial Corp. Sells 329,491 Shares of Old National Bancorp (NASDAQ:ONB)

Phocas Financial Corp. lowered its stake in shares of Old National Bancorp (NASDAQ:ONB) by 85.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,072 shares of the bank’s stock after selling 329,491 shares during the period. Phocas Financial Corp.’s holdings in Old National Bancorp were worth $1,260,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ONB. State Street Corp grew its position in shares of Old National Bancorp by 0.3% during the 3rd quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock valued at $275,941,000 after purchasing an additional 42,723 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Old National Bancorp by 6.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock valued at $155,502,000 after buying an additional 514,315 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Old National Bancorp by 147.3% during the 3rd 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. Charles Schwab Investment Management Inc. grew its position in Old National Bancorp by 2.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,629,864 shares of the bank’s stock worth $67,733,000 after acquiring an additional 78,983 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Old National Bancorp by 13.5% in the third quarter. JPMorgan Chase & Co. now owns 3,498,108 shares of the bank’s stock valued at $65,275,000 after acquiring an additional 416,647 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ONB has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $26.00 price target (up previously from $24.00) on shares of Old National Bancorp in a research note on Wednesday, January 22nd. Barclays upped their target price on Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Stephens restated an “overweight” rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods lifted their price target on Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Old National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $26.29.

Old National Bancorp Price Performance

ONB opened at $23.30 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The company has a market cap of $7.43 billion, a price-to-earnings ratio of 13.87 and a beta of 0.88. The stock has a fifty day simple moving average of $22.76 and a two-hundred day simple moving average of $20.97. Old National Bancorp has a 12-month low of $15.38 and a 12-month high of $24.49.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. During the same period last year, the business posted $0.46 earnings per share. 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 business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Wednesday, March 5th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Wednesday, March 5th. Old National Bancorp’s dividend payout ratio is presently 33.33%.

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.