Basswood Capital Management L.L.C. Acquires 662,106 Shares of Old National Bancorp (NASDAQ:ONB)

Basswood Capital Management L.L.C. raised its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 129.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,173,763 shares of the bank's stock after purchasing an additional 662,106 shares during the quarter. Old National Bancorp accounts for about 1.5% of Basswood Capital Management L.L.C.'s holdings, making the stock its 19th biggest holding. Basswood Capital Management L.L.C. owned approximately 0.37% of Old National Bancorp worth $25,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lee Danner & Bass Inc. purchased a new stake in Old National Bancorp in the fourth quarter worth approximately $25,000. Empowered Funds LLC purchased a new stake in shares of Old National Bancorp in the 4th quarter valued at $28,000. Versant Capital Management Inc grew its holdings in shares of Old National Bancorp by 58.4% during the 4th quarter. Versant Capital Management Inc now owns 1,668 shares of the bank's stock valued at $36,000 after purchasing an additional 615 shares during the last quarter. UMB Bank n.a. raised its position in Old National Bancorp by 58.9% in the 4th quarter. UMB Bank n.a. now owns 1,788 shares of the bank's stock worth $39,000 after purchasing an additional 663 shares during the period. Finally, Bank of Jackson Hole Trust bought a new stake in Old National Bancorp in the fourth quarter worth $65,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Citigroup reduced their price objective on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Barclays decreased their price target on Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Raymond James dropped their price objective on Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 2nd. Royal Bank of Canada decreased their target price on shares of Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Finally, StockNews.com raised shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Old National Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $25.63.

Old National Bancorp Stock Down 0.7 %

Shares of ONB stock traded down $0.16 during midday trading on Friday, reaching $21.40. 771,480 shares of the stock were exchanged, compared to its average volume of 2,489,159. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.84. The firm has a market cap of $6.84 billion, a PE ratio of 12.74 and a beta of 0.85. The company's 50 day moving average is $20.44 and its two-hundred day moving average is $21.62. Old National Bancorp has a 1 year low of $15.60 and a 1 year high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, topping the consensus estimate of $0.42 by $0.03. The business had revenue of $486.87 million for the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a net margin of 18.24% and a return on equity of 10.13%. On average, equities research analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Wednesday, March 5th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.62%. The ex-dividend date was Wednesday, March 5th. Old National Bancorp's dividend payout ratio (DPR) is 32.56%.

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.