Bessemer Group Inc. Boosts Stock Position in Old National Bancorp (NASDAQ:ONB)

Bessemer Group Inc. boosted its position in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 4.2% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 1,257,039 shares of the bank's stock after acquiring an additional 50,508 shares during the quarter. Bessemer Group Inc. owned about 0.39% of Old National Bancorp worth $26,637,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ONB. Sanctuary Advisors LLC lifted its position in Old National Bancorp by 1.4% during the 4th quarter. Sanctuary Advisors LLC now owns 32,029 shares of the bank's stock worth $762,000 after acquiring an additional 432 shares during the period. CIBC Asset Management Inc acquired a new stake in Old National Bancorp during the 4th quarter worth about $207,000. Handelsbanken Fonder AB lifted its position in Old National Bancorp by 11.0% during the 4th quarter. Handelsbanken Fonder AB now owns 85,059 shares of the bank's stock worth $1,846,000 after acquiring an additional 8,400 shares during the period. Sigma Planning Corp purchased a new position in shares of Old National Bancorp during the 4th quarter valued at about $315,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Old National Bancorp by 11.6% during the 4th quarter. Bank of New York Mellon Corp now owns 3,394,365 shares of the bank's stock valued at $73,675,000 after buying an additional 352,116 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Price Performance

Shares of Old National Bancorp stock traded down $0.06 on Friday, hitting $21.37. The company's stock had a trading volume of 9,048,960 shares, compared to its average volume of 2,754,323. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 1 year low of $16.50 and a 1 year high of $24.49. The firm has a fifty day moving average price of $21.06 and a 200-day moving average price of $21.56. The company has a market capitalization of $6.83 billion, a price-to-earnings ratio of 12.42 and a beta of 0.86.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. Old National Bancorp had a return on equity of 9.98% and a net margin of 18.74%. The firm had revenue of $486.87 million during the quarter, compared to analyst estimates of $478.37 million. As a group, sell-side analysts anticipate that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Thursday, June 5th were paid a dividend of $0.14 per share. The ex-dividend date was Thursday, June 5th. This represents a $0.56 annualized dividend and a yield of 2.62%. Old National Bancorp's dividend payout ratio (DPR) is currently 32.56%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Royal Bank Of Canada reduced their price objective on Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Jefferies Financial Group assumed coverage on Old National Bancorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $24.00 price objective for the company. Raymond James Financial reduced 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. Barclays reduced their price objective on Old National Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Wall Street Zen upgraded Old National Bancorp from a "sell" rating to a "hold" rating in a research note on Wednesday, April 23rd. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $25.90.

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.