Pettinga Financial Advisors LLC Sells 3,902 Shares of Old National Bancorp (NASDAQ:ONB)

Pettinga Financial Advisors LLC decreased its holdings in Old National Bancorp (NASDAQ:ONB) by 6.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,569 shares of the bank’s stock after selling 3,902 shares during the period. Pettinga Financial Advisors LLC’s holdings in Old National Bancorp were worth $1,056,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ONB. Independence Bank of Kentucky increased its stake in Old National Bancorp by 9.2% in the 1st quarter. Independence Bank of Kentucky now owns 11,962 shares of the bank’s stock worth $208,000 after buying an additional 1,006 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in Old National Bancorp by 15.7% in 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 acquiring an additional 219,845 shares in the last quarter. State of Michigan Retirement System increased its position in shares of Old National Bancorp by 2.3% during the first quarter. State of Michigan Retirement System now owns 71,842 shares of the bank’s stock worth $1,251,000 after acquiring an additional 1,600 shares during the period. Verum Partners LLC bought a new stake in shares of Old National Bancorp during the first quarter valued at approximately $290,000. Finally, Carret Asset Management LLC bought a new stake in shares of Old National Bancorp during the first quarter valued at approximately $609,000. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Trading Down 1.3 %

ONB opened at $18.71 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.93 and a debt-to-equity ratio of 0.96. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of 10.11 and a beta of 0.83. Old National Bancorp has a 12 month low of $13.33 and a 12 month high of $20.43. The stock has a fifty day moving average price of $18.85 and a 200-day moving average price of $17.86.

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

Old National Bancorp Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 2.99%. Old National Bancorp’s payout ratio is 30.27%.

Analysts Set New Price Targets

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

Old National Bancorp 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.