KPP Advisory Services LLC Invests $1.03 Million in Old National Bancorp (NASDAQ:ONB)

KPP Advisory Services LLC purchased a new position in shares of Old National Bancorp (NASDAQ:ONB) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 48,552 shares of the bank’s stock, valued at approximately $1,029,000.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Old National Bancorp by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 33,921,274 shares of the bank’s stock worth $736,261,000 after acquiring an additional 290,005 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Old National Bancorp by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 17,106,289 shares of the bank’s stock valued at $371,294,000 after purchasing an additional 132,002 shares during the period. 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 buying an additional 7,872,318 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Old National Bancorp by 4.5% in the 4th quarter. Victory Capital Management Inc. now owns 7,551,228 shares of the bank’s stock worth $163,899,000 after acquiring an additional 326,135 shares during the period. Finally, William Blair Investment Management LLC raised its stake in shares of 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 buying an additional 3,474,578 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ONB has been the subject of a number of research analyst reports. Raymond James Financial dropped their target price on shares of Old National Bancorp from $29.00 to $27.00 and set a “strong-buy” rating for the company in a report on Wednesday, April 2nd. Wall Street Zen raised shares of Old National Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, April 23rd. National Bankshares set a $24.00 target price on Old National Bancorp in a research report on Tuesday, May 20th. Royal Bank Of Canada cut their target price on shares of Old National Bancorp from $26.00 to $23.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Finally, Citigroup reduced their price target on Old National Bancorp from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $25.90.

Old National Bancorp Price Performance

Shares of ONB opened at $21.05 on Thursday. The stock has a 50 day simple moving average of $20.98 and a 200 day simple moving average of $21.60. The firm has a market capitalization of $6.73 billion, a PE ratio of 12.24 and a beta of 0.86. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 52-week low of $16.30 and a 52-week high of $24.49.

Old National Bancorp (NASDAQ:ONB) last released its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.03. Old National Bancorp had a return on equity of 9.98% and a net margin of 18.74%. The firm had revenue of $486.87 million for the quarter, compared to analyst estimates of $478.37 million. Sell-side analysts predict that Old National Bancorp will post 2.08 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The business also recently declared 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 of this dividend was Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.66%. Old National Bancorp’s payout ratio is currently 32.56%.

About Old National Bancorp

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.