Busey Bank Sells 4,516 Shares of Old National Bancorp (NASDAQ:ONB)

Busey Bank decreased its position in shares of Old National Bancorp (NASDAQ:ONB) by 11.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 34,003 shares of the bank’s stock after selling 4,516 shares during the quarter. Busey Bank’s holdings in Old National Bancorp were worth $634,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Independence Bank of Kentucky lifted its holdings in Old National Bancorp by 9.2% during the 1st quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock worth $208,000 after purchasing an additional 1,006 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Old National Bancorp by 15.7% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,616,464 shares of the bank’s stock worth $28,142,000 after purchasing an additional 219,845 shares in the last quarter. State of Michigan Retirement System lifted its holdings in Old National Bancorp by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 71,842 shares of the bank’s stock worth $1,251,000 after purchasing an additional 1,600 shares in the last quarter. Verum Partners LLC purchased a new stake in Old National Bancorp during the 1st quarter worth about $290,000. Finally, Carret Asset Management LLC purchased a new stake in Old National Bancorp during the 1st quarter worth about $609,000. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

Shares of NASDAQ ONB opened at $18.71 on Friday. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of 10.11 and a beta of 0.83. The company has a current ratio of 0.92, a quick ratio of 0.93 and a debt-to-equity ratio of 0.96. Old National Bancorp has a 1-year low of $13.33 and a 1-year high of $20.43. The stock’s 50-day moving average is $18.85 and its 200 day moving average is $17.86.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Old National Bancorp had a return on equity of 14.38% and a net margin of 17.93%. The business had revenue of $485.86 million for the quarter, compared to analyst estimates of $482.20 million. During the same period last year, the company earned $0.51 EPS. Old National Bancorp’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, September 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.56 annualized dividend and a yield of 2.99%. Old National Bancorp’s payout ratio is 30.27%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ONB shares. Royal Bank of Canada increased their price objective on Old National Bancorp from $19.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. Barclays raised their price target on Old National Bancorp from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Finally, StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.88.

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.