Connable Office Inc. Trims Stock Position in Old National Bancorp (NASDAQ:ONB)

Connable Office Inc. lessened its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 4.7% in the 4th quarter, HoldingsChannel reports. The firm owned 24,422 shares of the bank’s stock after selling 1,203 shares during the quarter. Connable Office Inc.’s holdings in Old National Bancorp were worth $530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. State Street Corp increased its holdings in Old National Bancorp by 0.3% in the third quarter. State Street Corp now owns 14,787,843 shares of the bank’s stock valued at $275,941,000 after buying an additional 42,723 shares in the last quarter. Geode Capital Management LLC increased its holdings in Old National Bancorp by 6.6% in the third 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. increased its holdings in 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 valued at $134,820,000 after buying an additional 4,303,071 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Old National Bancorp by 28.7% in the fourth quarter. Fisher Asset Management LLC now owns 4,100,349 shares of the bank’s stock valued at $88,998,000 after buying an additional 914,217 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings 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 valued at $67,733,000 after buying an additional 78,983 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on ONB. Raymond James reaffirmed a “strong-buy” rating and issued a $29.00 price objective (up previously from $28.00) on shares of Old National Bancorp in a report on Wednesday, January 22nd. Barclays lifted their price objective on shares of Old National Bancorp from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, December 20th. StockNews.com lowered shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Stephens reiterated an “overweight” rating and issued a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $26.00 target price (up previously from $24.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $26.29.

Old National Bancorp Stock Performance

ONB opened at $23.75 on Friday. The firm has a market capitalization of $7.58 billion, a PE ratio of 14.14 and a beta of 0.88. Old National Bancorp has a twelve month low of $15.38 and a twelve month high of $24.49. The firm’s 50-day moving average price is $22.89 and its 200 day moving average price is $21.04. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter last year, the firm earned $0.46 EPS. As a group, sell-side analysts expect that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Wednesday, March 5th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.36%. Old National Bancorp’s 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.