Pzena Investment Management LLC lessened its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 1.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,875,181 shares of the bank's stock after selling 39,967 shares during the quarter. Pzena Investment Management LLC owned about 0.90% of Old National Bancorp worth $60,925,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ONB. Lee Danner & Bass Inc. bought a new position in shares of Old National Bancorp during the 4th quarter valued at about $25,000. USA Financial Formulas bought a new position in shares of Old National Bancorp during the 1st quarter valued at about $50,000. Fifth Third Bancorp lifted its holdings in shares of Old National Bancorp by 21.9% during the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after purchasing an additional 695 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Old National Bancorp by 122.3% during the 1st quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock valued at $84,000 after purchasing an additional 2,187 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in Old National Bancorp by 157.7% in the 1st quarter. Versant Capital Management Inc now owns 4,298 shares of the bank's stock valued at $91,000 after acquiring an additional 2,630 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on ONB shares. Barclays upped their price target 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. Stephens restated an "overweight" rating and issued a $27.00 price target on shares of Old National Bancorp in a research note on Monday, April 14th. Citigroup cut their target price on Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Jefferies Financial Group initiated coverage on Old National Bancorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $24.00 target price for the company. Finally, National Bankshares set a $24.00 price objective on Old National Bancorp in a research report on Tuesday, May 20th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Old National Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $26.30.
View Our Latest Stock Analysis on ONB
Old National Bancorp Price Performance
Shares of ONB stock traded down $0.04 during mid-day trading on Friday, hitting $22.88. 5,354,393 shares of the stock were exchanged, compared to its average volume of 2,806,527. The firm has a fifty day moving average of $21.58 and a 200 day moving average of $21.64. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.82. Old National Bancorp has a 52-week low of $16.83 and a 52-week high of $24.49. The company has a market cap of $7.32 billion, a PE ratio of 13.30 and a beta of 0.85.
Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.03. The company had revenue of $486.87 million during the quarter, compared to the consensus estimate of $478.37 million. Old National Bancorp had a net margin of 18.74% and a return on equity of 9.98%. Research analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current year.
Old National Bancorp Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, June 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.56 annualized dividend and a yield of 2.45%. Old National Bancorp's dividend payout ratio is currently 32.56%.
Old National Bancorp Company Profile
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Free Report)
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.
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