Teachers Retirement System of The State of Kentucky Decreases Stake in Old National Bancorp (NASDAQ:ONB)

Teachers Retirement System of The State of Kentucky lowered its position in shares of Old National Bancorp (NASDAQ:ONB) by 2.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,434 shares of the bank’s stock after selling 2,770 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Old National Bancorp were worth $1,724,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ONB. Dimensional Fund Advisors LP boosted its stake in Old National Bancorp by 12.7% in the second quarter. Dimensional Fund Advisors LP now owns 16,840,509 shares of the bank’s stock valued at $289,481,000 after acquiring an additional 1,896,748 shares in the last quarter. State Street Corp boosted its holdings in shares of 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 acquiring an additional 42,723 shares in the last quarter. American Century Companies Inc. boosted its holdings in Old National Bancorp by 3.2% in the 2nd quarter. American Century Companies Inc. now owns 14,124,185 shares of the bank’s stock valued at $242,795,000 after purchasing an additional 441,887 shares in the last quarter. Geode Capital Management LLC grew its holdings in Old National Bancorp by 6.6% during the third quarter. Geode Capital Management LLC now owns 8,331,969 shares of the bank’s stock worth $155,502,000 after acquiring an additional 514,315 shares during the period. Finally, Victory Capital Management Inc. grew its stake 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 purchasing an additional 4,303,071 shares during the period. 83.66% of the stock is owned by institutional investors and hedge funds.

Old National Bancorp Price Performance

Shares of ONB stock opened at $22.65 on Tuesday. The firm has a fifty day moving average of $20.96 and a two-hundred day moving average of $19.14. The firm has a market cap of $7.22 billion, a P/E ratio of 13.73 and a beta of 0.86. Old National Bancorp has a 1-year low of $15.36 and a 1-year high of $23.76. 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 (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. The firm had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.51 earnings per share. As a group, research analysts anticipate that Old National Bancorp will post 1.83 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, December 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.56 annualized dividend and a yield of 2.47%. Old National Bancorp’s dividend payout ratio is currently 33.94%.

Analyst Upgrades and Downgrades

ONB has been the topic of several recent analyst reports. Royal Bank of Canada upped their target price on shares of Old National Bancorp from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods lifted their target price on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Barclays increased their target price on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Finally, Raymond James raised shares of Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $24.25.

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.