Pinnacle Holdings LLC Reduces Stock Position in Old National Bancorp (NASDAQ:ONB)

Pinnacle Holdings LLC lessened its stake in shares of Old National Bancorp (NASDAQ:ONB) by 0.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 71,919 shares of the bank’s stock after selling 629 shares during the quarter. Pinnacle Holdings LLC’s holdings in Old National Bancorp were worth $1,193,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Resources Investment Advisors Inc. boosted its holdings in shares of Old National Bancorp by 13.5% in the first quarter. Resources Investment Advisors Inc. now owns 7,755 shares of the bank’s stock worth $127,000 after buying an additional 920 shares during the last quarter. Stephens Inc. AR bought a new stake in Old National Bancorp in the first quarter worth $166,000. CWM Advisors LLC increased its position in Old National Bancorp by 8.5% in the second quarter. CWM Advisors LLC now owns 13,028 shares of the bank’s stock worth $216,000 after purchasing an additional 1,016 shares during the last quarter. Strs Ohio increased its position in Old National Bancorp by 75.3% in the second quarter. Strs Ohio now owns 14,200 shares of the bank’s stock worth $235,000 after purchasing an additional 6,100 shares during the last quarter. Finally, Bank of Montreal Can increased its position in Old National Bancorp by 27.0% in the first quarter. Bank of Montreal Can now owns 15,383 shares of the bank’s stock worth $252,000 after purchasing an additional 3,267 shares during the last quarter. 64.59% of the stock is currently owned by hedge funds and other institutional investors.

Shares of ONB traded up $0.28 during mid-day trading on Friday, hitting $18.05. 104,261 shares of the company traded hands, compared to its average volume of 825,100. Old National Bancorp has a 1-year low of $14.45 and a 1-year high of $20.65. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $2.98 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.58 and a beta of 1.00. The business has a 50 day moving average of $16.96 and a 200 day moving average of $16.82.

Old National Bancorp (NASDAQ:ONB) last posted its quarterly earnings data on Monday, July 22nd. The bank reported $0.37 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.04. Old National Bancorp had a net margin of 24.22% and a return on equity of 8.72%. The firm had revenue of $208.50 million for the quarter, compared to the consensus estimate of $200.05 million. During the same quarter in the prior year, the company posted $0.29 earnings per share. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, research analysts expect that Old National Bancorp will post 1.37 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.52 annualized dividend and a yield of 2.88%. Old National Bancorp’s dividend payout ratio (DPR) is presently 40.31%.

Several equities research analysts recently weighed in on ONB shares. ValuEngine upgraded shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. BidaskClub lowered shares of Old National Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Finally, Zacks Investment Research raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $21.00.

About Old National Bancorp

Old National Bancorp operates as the holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. The company offers deposit accounts, including noninterest-bearing demand, interest-bearing checking, NOW, savings and money market, and time deposits; and loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, letters of credit, and lease financing.

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Institutional Ownership by Quarter for Old National Bancorp (NASDAQ:ONB)

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