Pinnacle Financial Partners Inc Lowers Position in Old National Bancorp (NASDAQ:ONB)

Pinnacle Financial Partners Inc decreased its position in Old National Bancorp (NASDAQ:ONB) by 69.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,446 shares of the bank’s stock after selling 10,115 shares during the period. Pinnacle Financial Partners Inc’s holdings in Old National Bancorp were worth $97,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Empowered Funds LLC purchased a new stake in Old National Bancorp during the fourth quarter worth about $28,000. International Assets Investment Management LLC boosted its holdings in Old National Bancorp by 1,766.7% during the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock worth $26,000 after buying an additional 1,325 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Old National Bancorp by 58.4% during the fourth quarter. Versant Capital Management Inc now owns 1,668 shares of the bank’s stock worth $36,000 after buying an additional 615 shares in the last quarter. UMB Bank n.a. boosted its holdings in Old National Bancorp by 58.9% during the fourth quarter. UMB Bank n.a. now owns 1,788 shares of the bank’s stock worth $39,000 after buying an additional 663 shares in the last quarter. Finally, Bank of Jackson Hole Trust purchased a new stake in Old National Bancorp during the fourth quarter worth about $65,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $23.46 on Monday. The firm has a 50 day simple moving average of $22.73 and a 200-day simple moving average of $20.89. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market cap of $7.48 billion, a PE ratio of 13.96 and a beta of 0.88. Old National Bancorp has a 1-year low of $15.38 and a 1-year high of $24.49.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Tuesday, January 21st. The bank reported $0.49 earnings per share for the quarter, beating 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 period last year, the firm earned $0.46 earnings per share. On average, equities analysts expect that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date is Wednesday, March 5th. Old National Bancorp’s dividend payout ratio is presently 33.33%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Old National Bancorp from $23.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Piper Sandler restated an “overweight” rating and set a $27.00 target price (up previously from $23.00) on shares of Old National Bancorp in a research report on Tuesday, November 26th. Barclays lifted their target price on shares of Old National Bancorp from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Raymond James restated a “strong-buy” rating and set a $29.00 target price (up previously from $28.00) on shares of Old National Bancorp in a research report on Wednesday, January 22nd. Finally, Stephens restated an “overweight” rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.29.

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.