Y Intercept Hong Kong Ltd Invests $339,000 in Old National Bancorp (NASDAQ:ONB)

Key Points

• Y Intercept Hong Kong Ltd has made a new investment of $339,000 in Old National Bancorp by purchasing 16,012 shares in the first quarter.
• Old National Bancorp reported better-than-expected earnings, with a net income of $633.41 million and earnings per share of $0.53, surpassing analysts' estimates.
• The company recently declared a quarterly dividend of $0.14 per share, resulting in a dividend yield of 2.61%.

Y Intercept Hong Kong Ltd acquired a new stake in Old National Bancorp (NASDAQ:ONB - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund acquired 16,012 shares of the bank's stock, valued at approximately $339,000.

A number of other hedge funds have also bought and sold shares of ONB. USA Financial Formulas bought a new stake in shares of Old National Bancorp during the 1st quarter worth $50,000. Fifth Third Bancorp lifted its stake in Old National Bancorp by 21.9% in the first quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock worth $82,000 after purchasing an additional 695 shares during the last quarter. UMB Bank n.a. lifted its stake in Old National Bancorp by 122.3% in the first quarter. UMB Bank n.a. now owns 3,975 shares of the bank's stock worth $84,000 after purchasing an additional 2,187 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Old National Bancorp by 157.7% in the first quarter. Versant Capital Management Inc now owns 4,298 shares of the bank's stock valued at $91,000 after acquiring an additional 2,630 shares during the period. Finally, Covestor Ltd increased its position in shares of Old National Bancorp by 13.6% in the fourth quarter. Covestor Ltd now owns 4,365 shares of the bank's stock valued at $95,000 after acquiring an additional 524 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ONB has been the topic of a number of analyst reports. Royal Bank Of Canada boosted their price objective on shares of Old National Bancorp from $23.00 to $24.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 23rd. Jefferies Financial Group initiated coverage on shares of Old National Bancorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $24.00 price objective on the stock. Barclays boosted their price objective on shares of Old National Bancorp from $25.00 to $28.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Finally, National Bankshares set a $24.00 price objective on shares of Old National Bancorp in a research report on Tuesday, May 20th. Three equities research 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.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $26.40.

Old National Bancorp Stock Down 3.4%

NASDAQ:ONB traded down $0.71 during mid-day trading on Friday, hitting $20.40. 3,055,861 shares of the company's stock were exchanged, compared to its average volume of 3,278,986. Old National Bancorp has a one year low of $16.83 and a one year high of $24.49. 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 business has a fifty day moving average price of $21.56 and a 200 day moving average price of $21.67. The company has a market cap of $6.52 billion, a PE ratio of 12.07 and a beta of 0.85.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.53 EPS for the quarter, topping the consensus estimate of $0.51 by $0.02. Old National Bancorp had a net margin of 17.67% and a return on equity of 14.61%. The business had revenue of $633.41 million for the quarter, compared to analyst estimates of $622.83 million. During the same quarter in the previous year, the firm posted $0.46 earnings per share. Equities analysts predict that Old National Bancorp will post 2.08 EPS for the current year.

Old National Bancorp Dividend Announcement

The firm 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 yield of 2.7%. Old National Bancorp's payout ratio is presently 33.14%.

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.