Pzena Investment Management LLC Makes New Investment in Old National Bancorp $ONB

Key Points

• Pzena Investment Management initiated a 2.84 million-share position in Old National Bancorp, valued at approximately $73.6 million and representing 0.74% of the company. Institutional investors collectively own 83.66% of ONB.
• Analysts maintain a “Moderate Buy” consensus, with nine Buy ratings and three Holds and an average price target of $29.36. The bank also exceeded quarterly expectations, reporting $0.65 EPS and $726.9 million in revenue, up 13.2% year over year.
• Old National Bancorp declared a quarterly dividend of $0.145 per share, equivalent to an annualized $0.58 payout and a 2.1% yield. Two insiders, including CEO Chady Alahmar, recently sold shares.

Pzena Investment Management LLC bought a new stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,843,497 shares of the bank's stock, valued at approximately $73,647,000. Pzena Investment Management LLC owned 0.74% of Old National Bancorp as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Kemnay Advisory Services Inc. bought a new stake in Old National Bancorp in the 4th quarter worth approximately $27,000. Los Angeles Capital Management LLC bought a new position in shares of Old National Bancorp during the 4th quarter valued at $36,000. Peterson Wealth Services lifted its holdings in shares of Old National Bancorp by 9,711.8% during the 4th quarter. Peterson Wealth Services now owns 1,668 shares of the bank's stock valued at $37,000 after buying an additional 1,651 shares during the period. FNY Investment Advisers LLC purchased a new position in shares of Old National Bancorp in the 2nd quarter worth $49,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in shares of Old National Bancorp in the 4th quarter worth $54,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ONB. UBS Group began coverage on Old National Bancorp in a research report on Tuesday, July 7th. They set a "buy" rating and a $32.00 price objective for the company. Barclays raised their target price on Old National Bancorp from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Royal Bank Of Canada boosted their price target on Old National Bancorp from $28.00 to $29.00 and gave the company a "sector perform" rating in a research note on Thursday, July 23rd. Jefferies Financial Group reaffirmed a "hold" rating and set a $27.00 price target on shares of Old National Bancorp in a research report on Wednesday, July 22nd. Finally, TD Cowen upped their price target on shares of Old National Bancorp from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Old National Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $29.36.

Old National Bancorp Trading Down 0.4%

Shares of NASDAQ:ONB opened at $27.07 on Tuesday. The stock has a 50 day moving average of $26.10 and a 200 day moving average of $24.43. The company has a market cap of $10.36 billion, a PE ratio of 12.03 and a beta of 0.84. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.95. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $27.36.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last released its earnings results on Wednesday, July 22nd. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. Old National Bancorp had a net margin of 21.60% and a return on equity of 11.80%. The company had revenue of $726.86 million during the quarter, compared to analyst estimates of $716.25 million. During the same period in the prior year, the firm posted $0.53 EPS. The firm's quarterly revenue was up 13.2% compared to the same quarter last year. As a group, equities research analysts expect that Old National Bancorp will post 2.6 EPS for the current year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Saturday, September 5th will be paid a $0.145 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.1%. Old National Bancorp's dividend payout ratio is 25.78%.

Insider Buying and Selling at Old National Bancorp

In other Old National Bancorp news, insider Nicholas J. Chulos sold 20,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $26.66, for a total value of $533,200.00. Following the completion of the sale, the insider owned 53,544 shares in the company, valued at approximately $1,427,483.04. This represents a 27.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Chady M. Alahmar sold 11,771 shares of the firm's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $26.41, for a total value of $310,872.11. Following the sale, the chief executive officer directly owned 63,531 shares in the company, valued at approximately $1,677,853.71. This represents a 15.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.72% of the stock is owned by company insiders.

About Old National Bancorp

Old National Bancorp NASDAQ: ONB is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.

In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.

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