Principal Financial Group Inc. Sells 321,990 Shares of Old National Bancorp (NASDAQ:ONB)

Principal Financial Group Inc. reduced its holdings in Old National Bancorp (NASDAQ:ONB) by 25.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 950,880 shares of the bank’s stock after selling 321,990 shares during the period. Principal Financial Group Inc. owned approximately 0.30% of Old National Bancorp worth $17,743,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ONB. GAMMA Investing LLC increased its stake in Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,005 shares during the period. International Assets Investment Management LLC raised its stake in shares of Old National Bancorp by 1,766.7% in the third quarter. International Assets Investment Management LLC now owns 1,400 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,325 shares in the last quarter. HHM Wealth Advisors LLC acquired a new position in shares of Old National Bancorp in the second quarter valued at $28,000. LRI Investments LLC bought a new position in Old National Bancorp in the first quarter worth $48,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Old National Bancorp during the second quarter worth $103,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on ONB shares. Barclays raised their target price on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. StockNews.com cut Old National Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Finally, Royal Bank of Canada lifted their price target on shares of Old National Bancorp from $19.00 to $22.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.43.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock opened at $21.80 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a 50 day simple moving average of $19.23 and a 200 day simple moving average of $18.29. Old National Bancorp has a fifty-two week low of $14.32 and a fifty-two week high of $22.75. The firm has a market cap of $6.95 billion, a P/E ratio of 13.21 and a beta of 0.82.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. The firm had revenue of $485.86 million during the quarter, compared to analyst estimates of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The company’s revenue was up 6.5% on a year-over-year basis. During the same period last year, the company earned $0.51 earnings per share. Sell-side analysts predict that Old National Bancorp will post 1.84 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, September 5th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend was Thursday, September 5th. Old National Bancorp’s dividend payout ratio (DPR) is currently 33.94%.

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.