Principal Financial Group Inc. Acquires 14,913 Shares of Old National Bancorp (NASDAQ:ONB)

Principal Financial Group Inc. raised its stake in Old National Bancorp (NASDAQ:ONB - Free Report) by 1.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 988,830 shares of the bank's stock after buying an additional 14,913 shares during the period. Principal Financial Group Inc. owned 0.31% of Old National Bancorp worth $20,953,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Old National Bancorp by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank's stock worth $736,261,000 after purchasing an additional 290,005 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Old National Bancorp by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 17,106,289 shares of the bank's stock worth $371,294,000 after purchasing an additional 132,002 shares during the last quarter. Wellington Management Group LLP raised its position in Old National Bancorp by 923.4% during the 4th quarter. Wellington Management Group LLP now owns 8,724,893 shares of the bank's stock worth $189,374,000 after purchasing an additional 7,872,318 shares during the last quarter. William Blair Investment Management LLC raised its position in Old National Bancorp by 172.1% during the 4th quarter. William Blair Investment Management LLC now owns 5,493,490 shares of the bank's stock worth $119,236,000 after purchasing an additional 3,474,578 shares during the last quarter. Finally, Millennium Management LLC raised its position in Old National Bancorp by 10,795.2% during the 4th quarter. Millennium Management LLC now owns 4,795,942 shares of the bank's stock worth $104,096,000 after purchasing an additional 4,751,923 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Stock Down 1.3%

Shares of ONB traded down $0.31 during trading hours on Friday, hitting $23.16. The stock had a trading volume of 2,653,716 shares, compared to its average volume of 2,801,243. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a 50 day simple moving average of $21.42 and a 200-day simple moving average of $21.60. The firm has a market capitalization of $7.41 billion, a P/E ratio of 13.47 and a beta of 0.85. Old National Bancorp has a 1-year low of $16.83 and a 1-year high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate 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 return on equity of 9.98% and a net margin of 18.74%. Sell-side analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal 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 paid a $0.14 dividend. The ex-dividend date was Thursday, June 5th. This represents a $0.56 annualized dividend and a dividend yield of 2.42%. Old National Bancorp's dividend payout ratio is presently 32.56%.

Analysts Set New Price Targets

Several brokerages recently issued reports on ONB. Raymond James Financial lowered their target price on Old National Bancorp from $29.00 to $27.00 and set a "strong-buy" rating for the company in a research report on Wednesday, April 2nd. Wall Street Zen raised Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Stephens reaffirmed an "overweight" rating and set a $27.00 target price on shares of Old National Bancorp in a research report on Monday, April 14th. Royal Bank Of Canada decreased their price target on Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Finally, Barclays increased their price target on Old National Bancorp from $25.00 to $28.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target 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.