Lynch & Associates IN Sells 1,578 Shares of Old National Bancorp (NASDAQ:ONB)

Lynch & Associates IN cut its stake in shares of Old National Bancorp (NASDAQ:ONB) by 13.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,235 shares of the bank’s stock after selling 1,578 shares during the period. Lynch & Associates IN’s holdings in Old National Bancorp were worth $143,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Old National Bancorp by 59.8% during the 1st quarter. Vanguard Group Inc. now owns 29,663,094 shares of the bank’s stock worth $485,881,000 after buying an additional 11,101,411 shares during the period. BlackRock Inc. increased its holdings in Old National Bancorp by 37.6% in the first quarter. BlackRock Inc. now owns 33,378,748 shares of the bank’s stock valued at $546,744,000 after purchasing an additional 9,124,230 shares during the period. State Street Corp raised its position in Old National Bancorp by 54.9% during the 1st quarter. State Street Corp now owns 15,423,544 shares of the bank’s stock worth $252,638,000 after purchasing an additional 5,465,409 shares during the last quarter. Wellington Management Group LLP acquired a new position in Old National Bancorp during the 1st quarter worth about $61,389,000. Finally, Norges Bank acquired a new position in Old National Bancorp during the 4th quarter worth about $48,605,000. 81.53% of the stock is currently owned by institutional investors.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock traded down $0.11 during trading hours on Tuesday, reaching $14.78. The company had a trading volume of 504,972 shares, compared to its average volume of 2,100,435. The firm has a market cap of $4.32 billion, a PE ratio of 6.87 and a beta of 0.87. Old National Bancorp has a one year low of $11.66 and a one year high of $20.19. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.90 and a quick ratio of 0.90. The business has a fifty day simple moving average of $15.79 and a 200 day simple moving average of $14.50.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, July 25th. The bank reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.04. Old National Bancorp had a return on equity of 13.04% and a net margin of 27.90%. The firm had revenue of $626.53 million for the quarter, compared to analysts’ expectations of $447.53 million. During the same period in the prior year, the business posted $0.46 earnings per share. On average, analysts anticipate that Old National Bancorp will post 2.05 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a $0.14 dividend. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $0.56 dividend on an annualized basis and a yield of 3.79%. Old National Bancorp’s dividend payout ratio is currently 26.05%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ONB. TheStreet raised shares of Old National Bancorp from a “c+” rating to a “b” rating in a research report on Friday, August 25th. Stephens increased their price target on Old National Bancorp from $17.00 to $18.00 in a report on Wednesday, July 26th. StockNews.com assumed coverage on Old National Bancorp in a research report on Saturday, August 19th. They set a “sell” rating on the stock. Finally, UBS Group raised shares of Old National Bancorp from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $14.50 to $15.50 in a research report on Monday, July 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $18.38.

Insider Buying and Selling at Old National Bancorp

In other news, Chairman Michael L. Scudder sold 50,000 shares of the company’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $16.81, for a total value of $840,500.00. Following the completion of the transaction, the chairman now directly owns 215,796 shares in the company, valued at approximately $3,627,530.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.89% of the company’s stock.

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.