Providence Wealth Advisors LLC Sells 2,457 Shares of Old National Bancorp (NASDAQ:ONB)

Providence Wealth Advisors LLC cut its holdings in Old National Bancorp (NASDAQ:ONB) by 1.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 167,157 shares of the bank’s stock after selling 2,457 shares during the quarter. Old National Bancorp makes up approximately 2.3% of Providence Wealth Advisors LLC’s holdings, making the stock its 11th biggest holding. Providence Wealth Advisors LLC’s holdings in Old National Bancorp were worth $3,137,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ONB. GAMMA Investing LLC boosted its stake in Old National Bancorp by 194.8% in the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after buying an additional 1,005 shares in the last quarter. International Assets Investment Management LLC boosted its stake in 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 buying an additional 1,325 shares in the last quarter. HHM Wealth Advisors LLC acquired a new stake in Old National Bancorp in the second quarter valued at about $28,000. LRI Investments LLC acquired a new stake in shares of Old National Bancorp during the first quarter valued at about $48,000. Finally, Quest Partners LLC acquired a new stake in shares of Old National Bancorp during the third quarter valued at about $91,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Raymond James raised Old National Bancorp from a “market perform” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a research note on Tuesday. StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Keefe, Bruyette & Woods lifted their price target on Old National Bancorp from $23.00 to $28.00 and gave the company an “outperform” rating in a research note on Tuesday. Royal Bank of Canada lifted their price target on Old National Bancorp from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday. Finally, Barclays lifted their price target on Old National Bancorp from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.44.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $23.14 on Friday. The stock’s 50 day moving average is $19.80 and its 200 day moving average is $18.59. 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 market cap of $7.38 billion, a P/E ratio of 14.02 and a beta of 0.82. Old National Bancorp has a one year low of $14.32 and a one year high of $23.76.

Old National Bancorp (NASDAQ:ONB) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share 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 return on equity of 10.10% and a net margin of 17.93%. The firm’s revenue for the quarter 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, research analysts expect that Old National Bancorp will post 1.84 EPS for the current year.

Old National Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, December 5th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.56 dividend on an annualized basis and a yield of 2.42%. Old National Bancorp’s payout ratio is currently 33.94%.

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.