Homestead Advisers Corp Acquires Shares of 58,700 Old National Bancorp (NASDAQ:ONB)

Homestead Advisers Corp purchased a new stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 58,700 shares of the bank's stock, valued at approximately $1,244,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mariner LLC increased its position in shares of Old National Bancorp by 0.9% during the fourth quarter. Mariner LLC now owns 57,744 shares of the bank's stock valued at $1,253,000 after buying an additional 509 shares during the period. Covestor Ltd increased its position in shares of Old National Bancorp by 13.6% in the fourth quarter. Covestor Ltd now owns 4,365 shares of the bank's stock worth $95,000 after purchasing an additional 524 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Old National Bancorp by 3.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 16,744 shares of the bank's stock worth $356,000 after purchasing an additional 615 shares during the last quarter. Baird Financial Group Inc. increased its position in shares of Old National Bancorp by 2.3% in the fourth quarter. Baird Financial Group Inc. now owns 29,877 shares of the bank's stock worth $648,000 after purchasing an additional 675 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in shares of Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after purchasing an additional 695 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Old National Bancorp Price Performance

NASDAQ ONB traded up $0.14 on Friday, reaching $21.66. 1,564,254 shares of the company's stock traded hands, compared to its average volume of 3,268,556. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.92 and a quick ratio of 0.92. Old National Bancorp has a 12 month low of $16.83 and a 12 month high of $24.49. The stock has a market cap of $6.93 billion, a PE ratio of 12.82 and a beta of 0.85. The stock has a 50-day simple moving average of $21.56 and a 200 day simple moving average of $21.66.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 14.61%. The firm had revenue of $633.41 million for the quarter, compared to analysts' expectations of $622.83 million. During the same quarter last year, the business earned $0.46 earnings per share. As a group, research analysts predict that Old National Bancorp will post 2.08 earnings per share for the current year.

Old National Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Thursday, June 5th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Thursday, June 5th. Old National Bancorp's dividend payout ratio is 32.56%.

Analysts Set New Price Targets

Several research analysts recently weighed in on ONB shares. Barclays upped their price objective on shares of Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Royal Bank Of Canada upped their price objective on shares of Old National Bancorp from $23.00 to $24.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Jefferies Financial Group began coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $24.00 price target on the stock. Finally, Raymond James Financial reduced their price target on shares of Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, April 2nd. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $26.40.

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.