Old National Bancorp (NASDAQ:ONB) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC cut its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 1.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,875,181 shares of the bank's stock after selling 39,967 shares during the period. Pzena Investment Management LLC owned approximately 0.90% of Old National Bancorp worth $60,925,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ONB. Wellington Management Group LLP boosted its position in Old National Bancorp by 923.4% in the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank's stock valued at $189,374,000 after buying an additional 7,872,318 shares during the period. Millennium Management LLC boosted its position in Old National Bancorp by 10,795.2% in the 4th quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock valued at $104,096,000 after buying an additional 4,751,923 shares during the period. Alyeska Investment Group L.P. purchased a new stake in Old National Bancorp in the 4th quarter valued at about $78,293,000. Norges Bank purchased a new stake in Old National Bancorp in the 4th quarter valued at about $76,684,000. Finally, ExodusPoint Capital Management LP purchased a new stake in Old National Bancorp in the 4th quarter valued at about $42,316,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Old National Bancorp Stock Up 0.7%

Shares of NASDAQ ONB traded up $0.15 during trading hours on Thursday, hitting $22.92. 3,277,645 shares of the stock were exchanged, compared to its average volume of 2,798,377. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.82. The company has a market cap of $7.33 billion, a PE ratio of 13.33 and a beta of 0.85. The firm has a fifty day moving average price of $21.55 and a 200-day moving average price of $21.63. Old National Bancorp has a 12 month low of $16.83 and a 12 month 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 firm had revenue of $486.87 million during the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a net margin of 18.74% and a return on equity of 9.98%. On average, sell-side analysts expect 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, 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 dividend yield of 2.44%. Old National Bancorp's dividend payout ratio (DPR) is presently 32.56%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ONB. Wall Street Zen raised shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Barclays boosted their price target on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Jefferies Financial Group initiated coverage on shares of Old National Bancorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price target for the company. Truist Financial boosted their price target on shares of Old National Bancorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, Citigroup reduced their price target on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $26.30.

Old National Bancorp 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.