Pzena Investment Management LLC Trims Position in Old National Bancorp $ONB

Key Points

• Pzena Investment Management reduced its stake in Old National Bancorp by 4.4% in the fourth quarter, selling 115,428 shares and leaving it with 2.52 million shares worth about $56.2 million.
• Analysts remain generally positive on ONB, with eight Buy ratings and three Hold ratings, giving the stock a Moderate Buy consensus and an average price target of $27.91.
• Old National Bancorp reported quarterly EPS of $0.61, slightly ahead of estimates, and also announced a quarterly dividend of $0.145 per share, implying a 2.4% annualized yield.

Pzena Investment Management LLC trimmed its stake in shares of Old National Bancorp (NASDAQ:ONB - Free Report) by 4.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,518,048 shares of the bank's stock after selling 115,428 shares during the period. Pzena Investment Management LLC owned 0.64% of Old National Bancorp worth $56,178,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ONB. Royal Bank of Canada grew its stake in Old National Bancorp by 2.0% during the first quarter. Royal Bank of Canada now owns 214,065 shares of the bank's stock valued at $4,536,000 after acquiring an additional 4,153 shares in the last quarter. Jones Financial Companies Lllp grew its stake in Old National Bancorp by 87.8% during the first quarter. Jones Financial Companies Lllp now owns 12,696 shares of the bank's stock valued at $269,000 after acquiring an additional 5,936 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Old National Bancorp by 8.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,843,946 shares of the bank's stock worth $60,263,000 after buying an additional 215,203 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Old National Bancorp by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 913,117 shares of the bank's stock worth $19,349,000 after buying an additional 64,110 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Old National Bancorp by 6.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 53,853 shares of the bank's stock worth $1,149,000 after buying an additional 3,091 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on ONB. Royal Bank Of Canada lifted their price objective on shares of Old National Bancorp from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Thursday, January 22nd. UBS Group reissued a "neutral" rating and issued a $26.00 price objective on shares of Old National Bancorp in a research note on Wednesday, February 4th. Citigroup lifted their price objective on shares of Old National Bancorp from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Barclays lifted their price objective on shares of Old National Bancorp from $29.00 to $30.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 7th. Finally, Stephens lifted their price objective on shares of Old National Bancorp from $27.00 to $29.00 and gave the stock an "overweight" rating in a research note on Thursday, April 23rd. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $27.91.

Old National Bancorp Price Performance

Old National Bancorp stock opened at $23.82 on Friday. Old National Bancorp has a 12-month low of $19.39 and a 12-month high of $26.17. The firm has a 50-day moving average price of $22.95 and a 200-day moving average price of $22.96. The firm has a market capitalization of $9.20 billion, a PE ratio of 12.28 and a beta of 0.85. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.89.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. Old National Bancorp had a net margin of 18.90% and a return on equity of 11.23%. The company had revenue of $702.70 million during the quarter, compared to analyst estimates of $706.62 million. During the same quarter last year, the business posted $0.45 EPS. The firm's revenue for the quarter was up 44.4% on a year-over-year basis. As a group, equities research analysts forecast that Old National Bancorp will post 2.58 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, June 5th will be issued a dividend of $0.145 per share. The ex-dividend date is Friday, June 5th. This represents a $0.58 dividend on an annualized basis and a yield of 2.4%. Old National Bancorp's dividend payout ratio (DPR) is presently 29.90%.

Old National Bancorp Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.