Pzena Investment Management LLC Sells 115,428 Shares of Old National Bancorp $ONB

Pzena Investment Management LLC decreased its stake in shares of Old National Bancorp (NASDAQ:ONB) by 4.4% in the fourth quarter, HoldingsChannel reports. 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’s holdings in Old National Bancorp were worth $56,178,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. MAI Capital Management raised its holdings in shares of Old National Bancorp by 156.8% in the 3rd quarter. MAI Capital Management now owns 1,153 shares of the bank’s stock valued at $25,000 after purchasing an additional 704 shares in the last quarter. Covestor Ltd raised its holdings in shares of Old National Bancorp by 157.0% in the 3rd quarter. Covestor Ltd now owns 1,236 shares of the bank’s stock valued at $27,000 after purchasing an additional 755 shares in the last quarter. Rothschild Investment LLC raised its holdings in shares of Old National Bancorp by 72.3% in the 3rd quarter. Rothschild Investment LLC now owns 1,275 shares of the bank’s stock valued at $28,000 after purchasing an additional 535 shares in the last quarter. Flagship Harbor Advisors LLC bought a new stake in shares of Old National Bancorp in the 4th quarter valued at about $28,000. Finally, JFS Wealth Advisors LLC raised its holdings in shares of Old National Bancorp by 811.4% in the 4th quarter. JFS Wealth Advisors LLC now owns 1,604 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,428 shares in the last quarter. Institutional investors own 83.66% of the company’s stock.

Old National Bancorp Trading Up 0.2%

Shares of Old National Bancorp stock opened at $23.82 on Friday. 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 has a 12-month low of $19.39 and a 12-month high of $26.17. The firm has a market capitalization of $9.20 billion, a price-to-earnings ratio of 12.28 and a beta of 0.85. The firm’s 50 day simple moving average is $22.95 and its two-hundred day simple moving average is $22.96.

Old National Bancorp (NASDAQ:ONB) last issued its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.61 earnings per share (EPS) 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 business had revenue of $702.70 million for the quarter, compared to analyst estimates of $706.62 million. During the same quarter in the prior year, the business posted $0.45 EPS. Old National Bancorp’s revenue for the quarter was up 44.4% compared to the same quarter last year. Analysts predict that Old National Bancorp will post 2.58 EPS for the current year.

Old National Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, June 5th will be paid 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 is presently 29.90%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ONB shares. Royal Bank Of Canada boosted their price target on shares of Old National Bancorp from $25.00 to $26.00 and gave the company a “sector perform” rating in a report on Thursday, January 22nd. Barclays boosted their price target on shares of Old National Bancorp from $29.00 to $30.00 and gave the company an “overweight” rating in a report on Tuesday, April 7th. Keefe, Bruyette & Woods boosted their price target on shares of Old National Bancorp from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Stephens boosted their price target on shares of Old National Bancorp from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Finally, TD Cowen upgraded shares of Old National Bancorp from a “hold” rating to a “buy” rating and boosted their price target for the company from $27.00 to $30.00 in a report on Thursday, January 22nd. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.91.

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.