American International Group Inc. Lowers Holdings in Old National Bancorp (NASDAQ:ONB)

American International Group Inc. trimmed its holdings in Old National Bancorp (NASDAQ:ONB) by 1.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 529,499 shares of the bank’s stock after selling 9,120 shares during the quarter. American International Group Inc. owned 0.17% of Old National Bancorp worth $9,219,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ONB. Rise Advisors LLC purchased a new stake in shares of Old National Bancorp during the 1st quarter worth about $28,000. Parkside Financial Bank & Trust boosted its stake in shares of Old National Bancorp by 24.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock worth $55,000 after acquiring an additional 650 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Old National Bancorp by 14.5% during the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after acquiring an additional 1,020 shares in the last quarter. Trust Point Inc. purchased a new stake in shares of Old National Bancorp during the 4th quarter worth about $189,000. Finally, Prime Capital Investment Advisors LLC purchased a new stake in shares of Old National Bancorp during the 4th quarter worth about $192,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Old National Bancorp

In related news, CEO Chady M. Alahmar sold 17,165 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $15.90, for a total value of $272,923.50. Following the completion of the sale, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at $795,015.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.07% of the stock is owned by corporate insiders.

Old National Bancorp Trading Up 1.4 %

Old National Bancorp stock traded up $0.27 during trading on Thursday, hitting $20.13. The company had a trading volume of 2,086,618 shares, compared to its average volume of 2,096,092. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.93. The company’s 50 day simple moving average is $17.22 and its 200-day simple moving average is $16.80. The stock has a market cap of $6.42 billion, a price-to-earnings ratio of 10.90 and a beta of 0.84. Old National Bancorp has a 1-year low of $12.36 and a 1-year high of $20.38.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. Old National Bancorp had a net margin of 18.83% and a return on equity of 10.98%. The firm had revenue of $750.93 million during the quarter, compared to the consensus estimate of $474.10 million. During the same quarter in the previous year, the firm posted $0.54 earnings per share. As a group, analysts expect that Old National Bancorp will post 1.8 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were given a $0.14 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.78%. Old National Bancorp’s dividend payout ratio (DPR) is presently 30.27%.

Analyst Ratings Changes

Several research firms recently weighed in on ONB. Keefe, Bruyette & Woods restated an “outperform” rating and set a $20.00 price target on shares of Old National Bancorp in a research report on Tuesday, April 2nd. Royal Bank of Canada upped their price target on shares of Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Barclays upped their price target on shares of Old National Bancorp from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Hovde Group started coverage on shares of Old National Bancorp in a report on Monday, June 3rd. They issued an “outperform” rating and a $20.00 price objective for the company. Finally, StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Old National Bancorp currently has an average rating of “Moderate Buy” and an average target price of $19.63.

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.