EMC Capital Management Sells 20,088 Shares of Old National Bancorp $ONB

EMC Capital Management trimmed its position in shares of Old National Bancorp (NASDAQ:ONB) by 89.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 2,357 shares of the bank’s stock after selling 20,088 shares during the quarter. EMC Capital Management’s holdings in Old National Bancorp were worth $50,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Nisa Investment Advisors LLC raised its stake in shares of Old National Bancorp by 1.0% in the second quarter. Nisa Investment Advisors LLC now owns 57,711 shares of the bank’s stock valued at $1,232,000 after buying an additional 556 shares during the period. Securian Asset Management Inc. increased its holdings in Old National Bancorp by 2.3% in the 2nd quarter. Securian Asset Management Inc. now owns 24,791 shares of the bank’s stock worth $529,000 after acquiring an additional 565 shares during the last quarter. Signaturefd LLC increased its holdings in Old National Bancorp by 22.7% in the 2nd quarter. Signaturefd LLC now owns 3,297 shares of the bank’s stock worth $70,000 after acquiring an additional 609 shares during the last quarter. Allworth Financial LP raised its stake in Old National Bancorp by 18.7% in the 2nd quarter. Allworth Financial LP now owns 4,293 shares of the bank’s stock valued at $92,000 after acquiring an additional 677 shares during the period. Finally, Forum Financial Management LP lifted its holdings in Old National Bancorp by 4.7% during the second quarter. Forum Financial Management LP now owns 21,839 shares of the bank’s stock valued at $466,000 after purchasing an additional 975 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Truist Financial reduced their target price on shares of Old National Bancorp from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday, October 23rd. Barclays set a $29.00 price objective on shares of Old National Bancorp and gave the stock an “overweight” rating in a report on Wednesday, October 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Old National Bancorp in a report on Wednesday, October 8th. Cowen restated a “hold” rating on shares of Old National Bancorp in a research report on Monday, October 27th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $26.00 price target (down from $27.00) on shares of Old National Bancorp in a report on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Old National Bancorp has an average rating of “Moderate Buy” and a consensus price target of $26.27.

Old National Bancorp Price Performance

Shares of NASDAQ:ONB opened at $20.25 on Friday. The company has a 50 day moving average of $21.19 and a 200 day moving average of $21.52. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.85. The stock has a market cap of $7.91 billion, a P/E ratio of 11.84 and a beta of 0.89. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, February 1st. The bank reported $0.46 EPS for the quarter. The firm had revenue of $222.80 million during the quarter. Old National Bancorp had a net margin of 17.39% and a return on equity of 14.95%. As a group, sell-side analysts forecast that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, December 5th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, December 5th. Old National Bancorp’s payout ratio is presently 32.75%.

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.