Leeward Investments LLC MA Cuts Holdings in Old National Bancorp (NASDAQ:ONB)

Leeward Investments LLC MA lowered its stake in shares of Old National Bancorp (NASDAQ:ONB) by 4.0% in the first quarter, Holdings Channel reports. The institutional investor owned 1,058,123 shares of the bank’s stock after selling 44,605 shares during the period. Leeward Investments LLC MA’s holdings in Old National Bancorp were worth $18,422,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rise Advisors LLC purchased a new stake in shares of Old National Bancorp during the 1st quarter worth $28,000. Parkside Financial Bank & Trust boosted its holdings in shares of Old National Bancorp by 24.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,258 shares of the bank’s stock valued at $55,000 after buying an additional 650 shares in the last quarter. Quadrant Capital Group LLC grew its position in shares of Old National Bancorp by 14.5% in the 4th quarter. Quadrant Capital Group LLC now owns 8,045 shares of the bank’s stock worth $136,000 after buying an additional 1,020 shares during the last quarter. Legacy Wealth Asset Management LLC bought a new position in shares of Old National Bancorp during the 4th quarter worth approximately $181,000. Finally, Trust Point Inc. purchased a new stake in Old National Bancorp during the fourth quarter valued at approximately $189,000. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock traded down $0.28 on Thursday, reaching $16.99. 911,557 shares of the stock were exchanged, compared to its average volume of 1,753,592. The business has a 50 day moving average price of $16.80 and a two-hundred day moving average price of $16.63. The firm has a market capitalization of $5.42 billion, a price-to-earnings ratio of 9.18 and a beta of 0.84. Old National Bancorp has a twelve month low of $12.36 and a twelve month high of $17.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.93.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The company had revenue of $440.20 million during the quarter, compared to analyst estimates of $440.00 million. Old National Bancorp had a net margin of 20.99% and a return on equity of 11.31%. Old National Bancorp’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period last year, the firm posted $0.54 EPS. Analysts anticipate that Old National Bancorp will post 1.82 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, June 5th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $0.56 dividend on an annualized basis and a yield of 3.30%. Old National Bancorp’s dividend payout ratio is presently 30.27%.

Insider Buying and Selling at Old National Bancorp

In related news, CEO Chady M. Alahmar sold 17,165 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following the sale, the chief executive officer now directly owns 50,001 shares of the company’s stock, valued at $795,015.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Old National Bancorp news, CFO Brendon B. Falconer sold 49,375 shares of Old National Bancorp stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $16.28, for a total value of $803,825.00. Following the completion of the transaction, the chief financial officer now owns 88,712 shares of the company’s stock, valued at $1,444,231.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Chady M. Alahmar sold 17,165 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.90, for a total transaction of $272,923.50. Following the completion of the transaction, the chief executive officer now owns 50,001 shares of the company’s stock, valued at approximately $795,015.90. The disclosure for this sale can be found here. 1.07% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Old National Bancorp in a report on Tuesday, April 2nd. Barclays upped their target price on Old National Bancorp from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, June 24th. Hovde Group assumed coverage on Old National Bancorp in a report on Monday, June 3rd. They issued an “outperform” rating and a $20.00 price target for the company. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 price target on shares of Old National Bancorp in a research note on Tuesday, April 9th. Finally, StockNews.com upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 29th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.13.

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.